New vehicle registrations in Singapore amounted to 36,567 units in the first nine months of 2024, compared with 37,808 units in the whole of 2023, with sales driven the government’s Electric Vehicle (EV) Early Adoption Incentive scheme.
Passenger vehicle registrations in the city-state amounted to 30,410 units year-to-date (YTD), commercial vehicles 6,287 units and off-peak vehicles accounted for a further 157 units.
Under the government’s incentive EV programme, buyers of battery-powered vehicles are entitled to a 45% discount on the Additional Registration Fee (ARF), for a maximum of SGD15,000 (US$11,500). The government recently extended the scheme until the end of 2025, as part of its clean energy transition which aims to switch the country’s entire vehicle fleet to zero emissions by 2040.
Toyota remained the leading brand in the first nine months of the year with 6,537 sales; followed by BYD with 4,168 units - with the brand having made significant progress over the last year thanks to its strong BEV line-up; Mercedes-Benz 4,096 units; BMW 3,791 units; and Honda with 2,647 units.
