SINGAPORE - Some 51.9 per cent of new vans registered in Singapore in the first three months of 2023 were electric vehicles (EVs). Read more at straitstimes.com.
SINGAPORE - Some 51.9 per cent of new vans registered in Singapore in the first three months of 2023 were electric vehicles .
The surge was likely driven by the rush to take advantage of the higher tax incentive for such vehicles before the rebate amount was halved from $30,000 after March 31. Secured COEs for commercial vehicles can be held for three months before they have to be used to register a vehicle. This partially accounts for why there can be more registrations than the COE quota for the given period, as dealers may be using a COE secured earlier to register a vehicle in the current period., which is unique to commercial vehicles.
As commercial vehicle COEs are in short supply, these “ETS papers” are hotly traded at prices that are very close to or even at the prevailing COE price, profiting the dealers. Dealers have to apply for approval with new test results before the vehicle can be sold after the switchover. This can be an arduous process that takes time and incurs additional costs.
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