Singapore is one of the world’s most expensive places to own a car because the government strictly controls the vehicle population by charging owners a variable rate for the right to own and use a vehicle for a limited number of years.In the broader Southeast Asia, only 142 electric vehicles are forecast to be sold this year, data from consultant LMC Automotive shows.By contrast, sales in China are forecast to almost reaching 700,000 vehicles this year, more than double the combined sales from the United States and Europe.But with one of the world’s busiest ports on its doorstep, Dyson can roll a car off the production line in Singapore and within the hour it can be on its way to China or other sizable electric vehicle markets like South Korea or Japan.
Dyson products – which also include bladeless fans, air purifiers and hair dryers – are becoming a premium brand in China and other Asian markets. Asia accounted for more than 70 per cent of its growth last year, the firm said.3. Familiarity vs New FrontierDyson’s history China Drive Brushless Geared E-bike Motors Factory with Singapore probably also played a role.It already employs 1,100 people in Singapore, making 21 million digital electric motors a year. It also has manufacturing hubs in Malaysia – connected to Singapore via two road bridges – and the Philippines.“This is obviously a surprise but since Singapore is at the heart of Southeast Asia, Dyson would be best placed to source many components from neighbouring countries and, locally, assemble and manufacture the high-tech car here,” said a corporate banker who deals with multinational firms in the region.
Another option for Dyson could have been to follow rival Tesla to the biggest market, China.By the time Dyson’s first car is ready in 2021, Tesla may already be selling locally produced cars in China after it signed a deal with the Shanghai government for an 860,000 square meter plot of land to build its first overseas Gigafactory.But China is becoming a crowded market for making electric vehicles and the government is reining in subsidies.Meanwhile, Singapore does have an extensive free trade agreement with China, which lists various car types and car parts in its tariff-reduction schedule.Singapore’s Ministry of Trade and Industry said electric vehicles were covered under this arrangement with China.JD Power’s Majumdar said intellectual property would be another consideration for Dyson.“Intellectual protections are very strong in Singapore… It is definitely an advantage. When you are in China…you may not be so comfortable on that part.”
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