A Section I Contributed In the Report

1. Introduction

1.1  Government Incentives and Plans

In recent years, Singapore has emphasised creating a more sustainable future through the use of hybrid and electric cars. Initiatives such as the Singapore green plan push for EV adoption in Singapore.  According to the Land Transport Authority,


“Singapore aims to develop a greener and more sustainable land transport sector, reducing peak land transport emissions by 80%, by or around mid-century. The Singapore Green Plan 2030 includes a strong push to electrify our vehicle population, which would help Singapore achieve our vision of 100% cleaner energy vehicles by 2040.”

The Land Transport Authority (LTA) has set up an EV Task Force since 2009 to assess the nationwide costs, benefits and feasibility of EV adoption in Singapore (Iswaran, 2012). They have concluded that Singapore’s small geographical size and high-density urban setting, allows necessary infrastructure deployment to support EV usage. Furthermore, LTA has announced aims to develop a greener and more sustainable land transport sector. The Singapore Green Plan 2030 includes a strong push for EVs. This includes a campaign to raise awareness of EVs and incentives for cleaner-energy vehicles. Numerous incentives have been established such as the EV Early Adoption Incentive (EEAI), Enhanced Vehicular Emissions Scheme (VES) and more which are all targeted to make EVs more attractive. The benefits of implementing this technology allow us to be the pioneers and subject-matter experts of the EV-CVT industry. 

1.2  Financial Report 2022

Based on Polestar’s financial report for 2022, there is a revenue of USD 2.5 billion. Research and development expenses decreased by USD 62.0 million, or 27% due to the absence of Polestar 1 amortisation. This decrease was partially offset by continued investments in future vehicles and technologies (Ridd, 2023). Polestar has announced an invitation to other suppliers, researchers, universities, entrepreneurs, investors, and governmental and non-governmental organisations, for a possible collaboration (Sng, 2022). Lastly, they stated that Research and development expenses decreased by USD 62.0 million, or 27% due to the absence of Polestar 1 amortisation. This decrease was partially offset by continued investments in future vehicles and technologies (Ridd, 2023).

Comments

Post a Comment

Popular posts from this blog

UCS Introductory Letter

  Subject: Self-Introduction Dear Professor Brad Blackstone, I am Renee Matilda Kong, a student from your class, Critical Thinking and Communicating. I am currently an undergraduate in mechanical design and manufacturing engineering at the Singapore Institute of Technology (SIT). I graduated from Nanyang Polytechnic (NYP) with a diploma in engineering and business. I was inspired to pursue engineering during my polytechnic internship experience at Sivantos which provided me with rare insight to the engineering aspect of the hearing aid industry. Despite having no background working in the engineering industry, my willingness to learn helped me immensely. While I was at Sivantos, I learned about the production processes and planning involved before launching a product into the market. This has made me more certain to pursue engineering as a career. One strength I have in communication is having the ability to relate to others. I am able to empathise and communicate effectively with peo
Read more

Summary Draft 1 (Cleaning Robots)

  The main focus of this article is to discuss how the integration of technology can solve the manpower shortage in the cleaning industry. With an increase in the demand for cleanliness in the past 3 years due to covid-19, everyone has become much more wary and concerned about hygiene and cleanliness. This begs the question, are we doing enough to keep our spaces clean, and do we get the assistance we need? This article summary shares how we can incorporate robots and the existing workforce to create a more efficient and cleaner space for everyone. The article puts forward 3 main ideas which I will attempt to summarise for this assignment. Firstly, the article speaks about the aim of implementing robots (Design focus 1). Most people would assume that these robots would replace humans in the workforce as they may be more efficient by not having to pay them a salary, not having to worry about working hours, and not worrying about overworking the robots. However, it states that rather tha
Read more

UCS: The Importance of Communication Skills

Image
  Original "Developing excellent communication skills is absolutely essential to effective leadership. The leader must be able to share knowledge and ideas to transmit a sense of urgency and enthusiasm to others. If a leader can't get a message across clearly and motivate others to act on it, then having a message doesn't even matter." Gilbert Amelio, former President and CEO of National Semiconductor Corp Summary As stated by Gilbert Amelio, former President and CEO of National Semiconductor Corp, an effective leader is required to have excellent communication skills. For instance, by using a sense of urgency and enthusiasm, it will enable others to understand the message clearly and act on it. Without doing so, having a message is redundant. Personal Opinion In my opinion, I agree with Gilbert Amelio's statement as a good leader not only communicates well but also inspires others to put their best effort. By developing excellent communication skills, it enables
Read more