Additions to the EV Early Adoption Initiative (EEAI) means more rebates for less expensive EVs in Singapore – though you might not able to notice it thanks to COE prices

SINGAPORE – In 2022, some electric vehicles (EVs) will become up to S$5,000 cheaper here thanks to additional rebates.

Since the beginning of 2021, EVs have had a major boost in the form of rebates that reduce the overall price by up to S$45,000. Two rebates in the form of the Vehicular Emissions Scheme (VES) and EV Early Adoption Initiative (EEAI) allow qualifying EVs to net a maximum of S$25,000 and S$20,000 respectively. 
To get the full rundown on how this works, you can read our original story on EEAI and VES in 2021 – but be warned there’s a ton of math involved, so much so it gave us tertiary nightmares.

Very long and arduous mathematical journey cut short, the LTA says that from the start of 2022, the previous ARF floor has been reduced from S$5,000, to zero. In practical terms, ARF is a tax, which  means that some cars become S$5,000 cheaper – but not all.

In a nutshell, the more expensive a car, the higher its EEAI discount, but only up to a maximum of S$20,000. The EEAI discount is 45 percent of ARF (the tax which is based on the price of the car before taxes, aka the Open Market Value), but because some less expensive cars have an OMV of less than S$45,000, so the LTA capped the discount to a ‘floor’ of S$5,000.

In Singapore the price of a car is a lot of stuff – read here for a full breakdown – but it starts from OMV + ARF. ARF is at least 100 percent of OMV. 

How do you tell which EVs become cheaper? Most EVs with an OMV of less than S$40,000 should see up to S$5,000 less in terms of price, but there’s a Big But: Because COE prices have risen dramatically over the course of 2021, the actual sticker price of many EVs still will be significantly higher in 2022 than in early 2021.

Want to see some mainstream EVs and much more, in person? Singapore’s first and largest EV event, EV Weekend is now on til December 12, 2021! Here’s what it’s all about and what there is to do at the event.

EV Weekend is Singapore’s First and Largest Electric Vehicle event, and it’s on from 3-12 December 2021 at Resorts World Sentosa! Check out the latest EVs from Audi, BMW, Kia, Mercedes-Benz, MG, Mini – see them in person, test drive them, and understand all there is to know about EV ownership and more. Sign up at evweekend.sg to find out more and win exciting prizes.

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