SINGAPORE - Staff from electric vehicle (EV) leasing company EVCo were let go on Jan 31, after the company’s two key executives were arrested in connection with a police investigation.
The affected staff included those who did sales, operations, marketing and communications for the company.
Sources said that between 10 and 20 employees were let go, nearly three weeks after The Straits Times reported the arrest of the company’s chief executive Fuji Foo and former chief financial officer Janice Low.
EVCo chairwoman Judy Lee told The Straits Times in a statement on Feb 1 that “following the recent development, the EVCo board has decided to streamline the company and rationalise the manpower to ensure that the business remains financially sustainable”.
A similar statement was posted on the LinkedIn page of the company, which is a joint venture between Strides Holdings – the business arm of SMRT – and Dishangtie Green Technology (Hong Kong), a leading Chinese EV firm. Strides owns 60 per cent of EVCo.
Ms Lee also said that the company is actively working on a “comprehensive transition plan” to ensure minimal disruption to operations, and will continue to support its clients.
She did not respond to questions about the number of employees affected or give details on how the company will continue to serve its customers.
EVCo’s head of communications declined to comment when contacted by ST. Queries sent to her e-mail came back with an automated response which stated she was no longer working with the company, and to contact its chief operating officer Chia Ti Yu instead.
E-mails to five other EVCo employees had an identical automated response.
None of the staff members approached responded to ST’s request for interviews.
EVCo’s office at a multi-storey commercial building located in Ubi appeared to still be in operation when ST visited on Feb 1.
At least three unregistered electric vans, with one bearing the EVCo logo, were parked nearby.
EVCo was launched in 2022 to lease electric vans to small and medium-sized enterprises (SMEs).
In October 2022, the company announced its target to have a fleet of 2,000 electric vans for a vehicle-sharing programme, which allows SMEs different leasing packages, including a pay-per-use option.
At that time, EVCo said it would have 550 vans ready from January 2023. A smartphone app for the service became available for download in September 2023.
In March 2023, the company registered 197 units of the Shineray electric van, which it sourced from China. EVCo is the only company to offer this brand of vehicle in Singapore. Data from the Land Transport Authority shows that there were 218 units of the Shineray registered in 2023.
