Singapore may consider carsharing for EVs amidst pricey COEs – expert

It is a practical way of using EVs sans purchasing vehicles with pricey COE.

With an increasing adoption of electric vehicles, Singapore may consider introducing carsharing programmes with offerings of EVs, Arjun Bhattarai, co-founder of VFlowTech, a renewable energy equipment manufacturing firm, said.

One of the barriers hindering the EV switch is an expensive certificate of entitlement (COE) but, Bhattarai is hopeful that the government’s initiatives will help mitigate the high COE costs.

“The EV Early Adoption Incentive provides a significant reduction in the cost of COEs for EV buyers, making EVs more affordable and attractive for Singaporean residents,” Bhattarai said in an interview with Singapore Business Review

“While it may take some time for the impact of these measures to be fully realised, it is expected that the high cost of COEs will gradually become less of a hindrance to the adoption of EVs in Singapore,” he added.

One alternative is carsharing programmes, which introduce individuals to the benefits of EVs and promote their integration into daily transportation needs. 

“This contributes to a more sustainable mobility landscape in Singapore and has the potential to motivate more residents to make the switch to EVs,” said Bhattarai.