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).

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