S1E12: Why COE bidding gives this seasoned motor dealer a heartache

The Straits Times Podcasts

A seasoned motor industry insider says the COE system is bad for health because of the stress that comes with not knowing “the full picture”.

Synopsis: The Straits Times offers expert insights if you are in the market for a new vehicle or are tracking transportation trends.

The adoption of electric vehicles (EVs) in Singapore seems to be tracking well. In 2023, 18.2 per cent of all new car registrations were EVs. This was up from 11.7 per cent in 2022.

In this episode, host Lee Nian Tjoe speaks with Ms Sabrina Sng, managing director at Wearnes Automotive. This seasoned motor dealer - with 20 years of experience - believes that uncertainty over the price outlook of certificate of entitlement (COEs) is discouraging the adoption of electric vehicles (EVs).

This is worsened by what she considers to be a premature cut in incentives to encourage EV adoption.

Highlights (click/tap above):

7:30 Call for changes to the COE bidding system - why motor dealers want to cut out companies, like those in private hire, from bidding for COEs because they distort the market

12:00 Reduction of various incentives to encourage EV adoption came too soon

19:38 High COE premiums have pushed up prices of EVs, diminishing the distinction between premium and mass market

21:40 Making the case for EVs to have higher tax rebates

26:42 Does Tesla still have an edge in the automotive world?

Produced by: Lee Nian Tjoe ([e-mail]), Ernest Luis and Teo Tong Kai

Edited by: Teo Tong Kai

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Special edition series:

True Crimes Of Asia (6 eps): https://str.sg/i44T

The Unsolved Mysteries of South-east Asia (5 eps): https://str.sg/wuZ2

Invisible Asia (9 eps): https://str.sg/wuZn

Stop Scams (10 eps): https://str.sg/wuZB

Singapore's War On Covid (5 eps): https://str.sg/wuJa

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Chapters

1. Why COE bidding gives this seasoned motor dealer a heartache (00:00:00)

2. Disallowing fleet owners from bidding for COEs (00:07:30)

3. Premature reduction of EV incentives (00:12:00)

4. High COE premiums: Cat A vs Cat B (00:19:38)

5. Should EVs have higher tax rebates? (00:21:40)

6. Does Tesla still have an edge? (00:26:42)