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Surge in Chinese EVs is supercharging COE prices
Chinese EVs are flooding the market, undercutting their rivals and creating distortions in Singapore’s COE system.
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China’s overcapacity has exported inflation into Singapore’s car market, with COEs becoming collateral damage of foreign industrial policy.
PHOTO: REUTERS
Victor Kwan
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There is a new world order – not in geopolitics, but in the global automotive industry – that carries real implications for Singapore’s car buyers and policymakers.
As Chinese electric vehicle (EV) makers flood global markets with low-cost cars, their overcapacity is beginning to distort Singapore’s certificate of entitlement (COE) system – a mechanism designed to manage local car ownership – and push up car prices.
