Chinese EVs have gone from strength to strength in Singapore as buyers are drawn to their value proposition.
The Chinese electric vehicle (EV) brands are taking Singapore by storm, with mainstay BYD seeing the appearance of several rivals intent on rattling the cage.
We can certainly see the appeal because Chinese brands are clean-slate products without the legacy and baggage that comes with traditional car manufacturers.
Moreover, desirability aside and In the grand scheme of things, these entrants have so far been relatively affordable (the cheapest start from sub–$200,000 in a climate of $90,000–100,000 COEs), offer decent performance and technology and boast appropriately edgy styling.
At this price point, these are easily regarded as status-neutral white goods to serve the sole purpose of A-to-B transport. Bonus points if they’re fun to drive, but this is not necessarily a deal-breaker. With a smaller quantum, the buyer has less exposure to the cost burden of tech obsolescence and a hit in residuals over time.
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Joining the current crop of Chinese brands in Singapore comprising BYD (Vantage Automotive), GAC Aion (Vincar), Omoda (Chery), ORA (Cycle & Carriage), Maxus (Cycle & Carriage), MG (Eurokars EV) and Smart (Cycle & Carriage) are Zeekr and Xpeng.
Zeekr and Xpeng will be sold by specially incorporated entities that are wholly owned subsidiaries of Premium Automobiles, the incumbent Audi dealer.
Expected to compete in the premium segment when they arrive from Q3/Q4 2024, the price range for Zeekr and Xpeng spans $220,000 onwards (with COE).
Mr. Lee Hoe Lone, managing director of Premium Automobiles, says: “Xpeng will see the launch of the G6 here, followed by the X9. It is seen as a technological leader within the EV space and challenges the likes of Tesla. For Zeekr, we will introduce the X crossover before the 009 MPV in Singapore. This premium EV brand offers a level of refinement and luxury that outclasses similarly priced European premium brands."
