Me and My Money: From collecting toy cars as a child to selling EVs at 28 years old

SINGAPORE – When Mr Soh Ming was a child, he collected Hot Wheels toy cars.

His interest in cars never waned. Now 28 years old, he is the founder and managing director of Volt Auto, the authorised distributor in Singapore for Dongfeng electric vehicles (EVs).

He started out as an entrepreneur in the midst of the pandemic in 2021, founding Icon Cars with just $1,000. It was a car dealership that used social media marketing techniques on platforms like Facebook and Instagram.

He sold the business in 2023 when he realised that he wanted to find his own brand and build it, rather than simply marketing other cars. He started Volt Auto in 2024.

After completing his O-level exams at 16, he worked part-time in companies such as Grab, where he was “involved in sales, specifically converting taxi drivers to the Grab platform to help increase driver supply”.

“That mix of tech, operations and sales gave me the foundation to build something of my own,” he said. He was at Grab for about a year.

“It was a great learning experience in ground-up hustle, persuasion and understanding people’s motivations. I went from a part-time sales job to building a team of 100 all the way to the acquisition of Uber in Singapore.”

He also decided not to pursue further studies after O levels.

“I realised at that point in time that working will allow me to gain knowledge and wisdom that education isn’t able to. Is that the right mindset? I can’t say for everyone, as we all learn differently,” he said.

As he started Icon Cars with a small capital, he had to learn to be efficient with operational costs and start-up costs, but without compromising on the quality of service and customer experience.

Now, Mr Soh is proud to be part of Singapore’s sustainable push, by bringing in electric vehicles that are affordable and practical for urban drivers.

“Our goal is to make sustainable mobility an everyday reality, not just a luxury,” he said.

Mr Soh, his wife and their two children live in a semi-detached house in the central area of Singapore. He drives a Dongfeng 007 Performance, a luxury sedan.

Q: What do you invest in and why?

A: I invest in blue-chip stocks, mostly US-based tech and consumer staples, for steady long-term growth. The majority of my stock investment is in exchange-traded funds (ETFs).

Most of my capital is tied up in Volt Auto, which I have the most control of and the highest conviction in.

I believe in long-term, diversified growth, both through reinvestment in my business and a disciplined approach to personal investing.

A prudent and analytical approach, as well as hands-on experience, help me understand my investments a lot better. When it comes to investing, I always believe it to be a marathon and never a sprint.

Q: Do you invest in tangible assets?

A: Yes, I do own a few tangible assets, mainly watches. I don’t actively trade them, I did not buy from a perspective of investment, but purely because I enjoyed the passionate thought process of crafting such a masterpiece. The craftsmanship and heritage behind each piece also reflect my approach to my businesses.

Q: What was your first exposure to investing?

A: My first exposure to investing was at 19, when a friend introduced me to the concept of stocks. I didn’t know much at the time but I was curious. My first investment was $1,000 in an S&P 500 exchange-traded fund (ETF). It wasn’t glamorous but it taught me about compounding, patience and the importance of starting early.

Q: What has been your biggest financial mistake?

A: Investing in a “sure-win” crypto token in 2021 without doing proper research. I lost close to $100,000 in a week. It was a painful but necessary reminder to stick to fundamentals and not follow hype.

Q: What has been your best financial decision?

A: Starting Volt Auto. I put nearly all my savings into launching the business. It was a big risk but it paid off. As a new player in a highly competitive industry, Dongfeng has achieved the top spot in the EV hatchback segment and second place in the overall hatchback segment of vehicles, according to LTA registration data. Although it may look like a small win, it is a good start for Volt Auto’s debut.

I’ve built not just a company, but also a strong team of over 80 to grow alongside it. Together, we’ve built something that now generates consistent revenue and impact.

Q: Money-wise, what were your growing-up years like?

A: I come from a middle-income family. My parents worked hard and taught me to live within my means. We weren’t poor but I understood from a young age that money has to be earned and managed carefully.

It taught me to value stability and to respect every dollar. I still try to stretch each cent when it comes to business decisions.

Q: What was your childhood dream?

A: My childhood dream was to be a businessman, not just to make money, but also to build something with purpose and impact. I was fascinated with cars from a young age, so it’s fitting that I’ve ended up in a space where I can combine both.

Q: What was your first job?

A: It was as a waiter doing banquet service at Swissotel Merchant Court.

Q: As a child, what did you save up for?

A: I saved up for game credit cards. I would play MapleStory and save up enough to buy “cash cards” and my favourite part was the trading portion.

Q: What was your most memorable encounter with money so far?

A: I still remember the first big sale at Grab that I closed on my own. It was a turning point where I realised that value creation and income can be directly tied together. It was also very memorable when I had to fund my business venture and realised how far $1,000 could – or couldn’t – go.

Q: What would your perfect day look like?

A: It would be a morning run, followed by strong coffee and spending time with my kids before they head off to pre-school. I would then have some productive meetings, dinner with family and some quiet time to unwind.

Money Matters

Q: What would you do if you suddenly had a windfall of $1 million?

A: I’d split it: $700,000 into the business, $200,000 into diversified investments and $100,000 set aside for family.

Q: If you suddenly had only $100 to your name, what would you do with it?

A: I’d use it to get a basic phone plan and start networking or offering my services – whether that’s helping small businesses with sales, marketing or even manual work.

I’ve always believed that value creation leads to income. $100 won’t get you far on its own, but resourcefulness and drive can take you a long way.