Copyright FOURIN, Inc. 2023
Singapore’s Automobile Sales Results in YTD June 2022
In Singapore, the number of newly registered automobiles declined 33.7% year-on-year to 21,710 units in the first half of 2022. As a measure to alleviate traffic congestion, the Singaporean government requires the purchase of Certificate of Entitlement (COE) prior to vehicle registration under the Vehicle Quota System (VQS). The acquisition of COE gives the right to drivers to own a vehicle that can be used on the road for 10 years.
In June 2022, the Land Transport Authority announced a bill requiring charging facilities to be installed in new properties with parking lots. In addition to installing charging facilities in all of the approximately 2,000 public housing parking lots by 2025, the government also intends to subsidize installation of chargers in private apartment complexes where more than 80% of BEV owners live.