The future of electric vehicles enters Singapore

Global warming jeopardizes our health, jeopardizes our national security and threatens our lives. The Intergovernmental Panel on Climate Change (IPCC) recently released a report that the world is in the “red zone.” This means that we are in a near-dangerous scenario. Mankind has been established to be one of the leading causes of global warming. The transition to electric vehicles (EVs) is paramount to controlling anthropogenic greenhouses. Philipp Kindt of Atlas Ventures and Managing Partner of Evgeny Astakhov have funded OCBC Securities to see where EV investments are heading.

A groundbreaking IPCC study warns that key temperature limits will be broken in just over a decade. According to the United Nations, this report is “a red code for humankind.” But scientists say that if the world moves faster, catastrophes can be avoided. It is expected that humans will make influential reductions in their daily lives to reduce greenhouse gases. The IPCC states that anthropogenic carbon emissions come primarily from our cars and contribute to about 80% of the greenhouse effect.

According to the Union of Concerned Scientists (UCSUSA), private cars are a major cause of global warming. In summary, cars and trucks make up almost one-fifth of all US emissions, emitting about 24 pounds of carbon dioxide and other global warming gases per gallon of gas.

UN Secretary-General Antonio Guterres said, “Now we can work together to avoid the catastrophe of climate change, but as today’s report reveals, there is no time or excuse to be late. COP26 is a success for government leaders and all stakeholders. “

Sustainability and Addressing Climate Risk Issues Singapore Deputy Prime Minister Hen Swee Quiet’s 2021 Budget Speech (S $ 30 Million Budget Over the Next Five Years to Support EV-Related Initiatives) ) Was taken up prominently. Close the price difference between EVs and conventional vehicles equipped with internal combustion engines (ICE). Raise the tariff rate on gasoline by 10 to 15 Singapore cents per liter and enable it immediately. The 2021 budget speech shows that the Government of Singapore is ready to pave the way for creating an environmentally friendly, livable and sustainable city for the next generation.

Atlas Ventures has established OCBC Securities to measure and test the market as Southeast Asian governments are panning to support EVs. Searching across Singapore’s borders Kindt and Astakhov believe that the demand and resources for EV technology will continue to grow globally.

According to the Bloomberg New Energy Finance (BNEF), improved batteries, easier-to-use charging infrastructure, and price equivalence with ICE vehicles will be key drivers of future demand. .. People are aware every day that we need to make a difference in order for us to stay on this planet.

Already, Shell (NYSE: RDS.A) has advanced to EV charging with the first “Shell Recharge” station in Singapore and Southeast Asia. This new service allows drivers to charge their cars “on the go” at the service station. The Shell Recharge is priced at S $ 0.55 per kWh and is compatible with most electric vehicles in Singapore.[1].. The company said in a statement that the service would be available at Singapore’s 10 shell gas stations or about 20% of city-state retail networks by October this year.

Hyundai Motor Co., Ltd. (KS: 005380) of South Korea has recently begun construction of a research and development center in Singapore to house a small electric vehicle production facility. Singapore’s Prime Minister Lee Hsien Loong said at a groundbreaking ceremony that by 2025 it could produce up to 30,000 electric vehicles (EVs) annually, equivalent to an investment of S $ 400 million ($ 295 million). ..

Singapore is a densely populated city-state and one of the most expensive places to own a car in the world. Manage the vehicle population through a system that bids for the right to own and use the vehicle for a limited number of years.[4].. Midrange cars in Singapore can usually be four times as expensive as comparable cars in the United States. However, the demand for automobiles, especially EVs, is only increasing in countries and regions.

EV technology-loving journalist Christopher Tan says Singapore allows EV owners a tax cut of up to S $ 20,000 ($ 15,000), saving drivers more than $ 10,000 in gasoline charges over a 10-year period. increase.

Singapore is entering the global EV sector to help combat global warming. OCBC Securities, backed by Atlas Ventures, provides detailed data explaining why it’s the right time to invest in EV technology and where battery raw materials are being mined.

The OCBC Securities Analysis is as follows:

As shown in the graph below, battery pack prices are estimated to be below US $ 100 / kWh on a volume-weighted average basis by 2024. This is due to the introduction of new cell chemistry technologies and manufacturing equipment and technologies.

According to a survey, EVs are projected to reach 10% of global passenger car sales by 2025, rising to 28% in 2030 and 58% in 2040. Sales of electric vehicles are expected to jump from 3 million units in 2017 to 23 million units in 2030. According to the International Energy Agency (IEA).

In terms of air pollution and greenhouse gas emissions, electric vehicles and trucks are often cleaner than the most efficient traditional vehicles on the market. Comparing the greenhouse gases of battery-powered electric EVs, it’s similar to a traditional ICE that earns 100 miles per gallon.

When the battery can be charged only with renewable power such as solar power and wind power, EV charging and operation will be almost completely eliminated.[2].. All signs show that EVs and their technologies are on the road to the future. According to OCBC Securities information, EV technology is a safe investment not only for money but also for humanity.