But some of these vehicles were never actually sold to buyers or used.
This makes the pre-registered electric van comparatively cheaper than a brand new, unregistered one, which would cost just over $140,000 before the $15,000 rebate given upon registration. However, Mr Edward Tan, executive director of Hong Seh Evolution, which imports electric vehicles, said there are at least some excess electric van registrations.
Checks by The Straits Times with some rental companies found that the leasing rate of electric vans has not risen in the past 12 months either. This is despite the cost of registering electric vans rising in 2023, with the reduced CVES incentives and rising COE premiums. Sources that sell such vehicles told ST that they expect demand for new electric vans to remain low for the rest of the year. This is because companies that were keen and able to make the switch from internal combustion engine vans may have already done so.