Leasing Segment Forecast for 2023/24

  • By the end of 2025, Singapore will need a larger number of EVs to replace current combustion PHV/Taxi.
  • With the existing fleet of 280 passenger vehicles, SEV will grow the fleet to 500 vehicles by Q4 2023 and 750 vehicles by Q2 2024.
  • SEV will also add at least 350 units of Seres 3 to the existing fleet.

EV Leasing

Comparison of Electric cost for BYD e6 and Petrol cost for Toyota Prius (Hybrid)

Electric cost S$0.5/kWh
Petrol cost $3.30/Litre

EV Van Leasing

With sales of vans growing in Singapore and the good relationship with Sokon, SEV has also diversified into leasing of EV vans.

EV van leasing will be our new growth focus for 2023/24. 

​We see EV Van as a productivity tool for drivers, logistics and SMEs to reduce cost compared to an internal combustion Van (ICE van), we are in the process of bringing 1,200 units of Sokon EC35 to the Singapore Market, EC35 is proven to be the Top selling Van in China for over the last 5 years.​

Charging Stations Segment Forecast for 2023/24

  • Currently SEV has 45 chargers and will increase to 70 chargers by end 2023.​
  • Additional charging stations will contribute to an increase of revenue by 55%.​
  • And together with Aulton*, we are currently working on a whole
    new battery-swap for EVs.

Aulton is a top-tier company in battery swapping. The number of launched swapping centers is over 610 in 36 cities across China.

Battery-Swap Station (BSS)

We are working with LTA and other partners with target to set up 3 BSS and 12 battery-swap vans by end of 2023 which will be deployed for transporting batteries for swaps.

The battery swapping process will take 20 seconds, which provides convenience and time saving for users.

View video of battery swap process:

Commercial Vehicle Sales Forecast for 2023

  • Ordered 250 Sokon vans of which 80 vans had been sold and delivered in Mar 2023 and the remaining 170 vans has also been sold and to be delivered by end of 2023
  • We envisage van sales to be another 250 units by end of 2024
  • We are introducing a Smart Mobile Application which includes remote vehicle key and live tracking