SINGAPORE - Multi-brand car dealer Cycle & Carriage has signed an agreement with China's BYD group to distribute its electric forklifts, marking the motor company's maiden foray into the material handling and equipment business.
On Monday (Nov 26), Cycle & Carriage - which represents brands such as Mercedes-Benz, Kia, Mitsubishi and Citroen - inked a deal with BYD (Singapore) Pte Ltd for an exclusive distributorship of the Chinese company's electric forklifts powered by lithium-iron phosphate batteries.
These are the same batteries which BYD - which stands for Build Your Dreams - uses for its electric cars and buses.
The Shenzhen-based firm has said that its batteries are superior to other lithium-based types used by other electric vehicle makers as they have a higher charge and discharge property, are more stable, and are less prone to fires.
Cycle & Carriage managing director Eric Chan said: "With stricter carbon emission standards and the growing importance of corporate sustainability, we believe that lithium battery technology will be a game changer for the material-handling industry, replacing diesel and conventional lead-acid electric forklifts."
"In addition, this exclusive distributorship expands Cycle & Carriage's automotive offerings and will strengthen our electric vehicle knowledge and expertise which we envision will be the future of the industry."
Mr Chan added that the Singapore forklift market is around 2,000 to 3,000 a year.
BYD Auto Industry Co general manager assistant Benson Ke said: "We are delighted to work with Cycle & Carriage Singapore as our exclusive distributor. With their leading automotive position, vast network and deep understanding of the Singapore market, we look forward to delivering these innovative solutions to help businesses achieve higher efficiency and significant reductions in operational costs and environmental impact."