Singapore's car fleet contracted by over 2,700 vehicles in August, even as new registrations remained strong with electric vehicles making up 63% of the total. COE premiums increased in both categories throughout the month.
- -2,711
- Net fleet change
- Registrations minus deregistrations
- 2,880
- BEV registrations
- 63% of all new cars
- 247
- Petrol registrations
- 5% of all new cars
- S$128,501
- Cat A COE premium
- August 2nd exercise
- S$131,001
- Cat B COE premium
- August 2nd exercise
- S$125,646
- Cat A PQP
- Renewal price for August
- 1,100
- BYD registrations
- Overall market leader
- 463
- Tesla registrations
- Second overall and BEV market
- 857
- BYD BEV registrations
- Top electric brand
August saw a substantial reduction in Singapore's car fleet, with more than 7,200 vehicles deregistered during the month. This happened despite new car registrations hitting 4,549, driven largely by continued strong demand for electric vehicles.
Fleet shrinks despite strong EV registrations
The total car fleet saw a net reduction of 2,711 vehicles in August, with 7,260 cars leaving the road against 4,549 new registrations. Electric vehicles accounted for 2,880 registrations, representing 63% of all new cars registered. This marks a slight dip from July's 65% share. Petrol cars were a small fraction of new registrations at just 5%, or 247 vehicles.
COE premiums climb across both bidding exercises
Certificate of Entitlement premiums saw increases in both categories during August's bidding exercises. Category A climbed to 128,501 in the second exercise, up from 123,890 in the first. Category B followed suit, rising to 131,001, an increase from 129,910. The PQP for Category A was 125,646, making renewing a Category A car cheaper than bidding for a new one in the second exercise, which had a premium of 128,501.
BYD leads overall and in electric vehicles
BYD was the top brand for August, registering 1,100 cars across all fuel types, capturing 24% of the market. Tesla followed with 463 registrations, while Toyota rounded out the top three with 444. In the electric vehicle segment, BYD maintained its lead with 857 BEV registrations, followed by Tesla's 463 and GAC with 247.