Wolf Money(BYD Electric Vehicle)
The Ukrainian Russian war have cause much pain to end users of oil. Oil at $120usd per barrel is just too expensive to be running on combustion vehicle. Harry Porter would have cried in pain “expensive petroleum!!” when he fill up his Nimbus 2000. Pump price are in excess of $3 a litre. A trip to petrol station will cost $200 for a mid size sedan on a full tank.
There are plenty of merits to get an electric vehicle now. If anyone goes into the subject of EV in Singapore, Tesla name would probably come out of that conversation. The local EV market is more than just Tesla. The adoption of passenger EV had been slow in Singapore even with the advantage of low input cost. I had an opportunity to visit one of the dealers of BYD vehicles in UBI. It is an opportunity for me to get a first hand insight of the latest trend in EV. My friend, KK was kind enough to give me an introduction. KK had good experience dealing with commercial vehicles. EV commercial vehicle is within his wheelhouse.
BYD is a leading manufacturer of EV in China. They are represented by ST group in Singapore. BYD is also active in the commercial EV market in Singapore. The flag ship model available for sale are the passenger E6 model and T3 commercial van.
I had a feel of the T3 van. Although the interior are pretty basic but they are quite functional and buttons are well lay out. Frankly I still prefer physical buttons over control via infotainment system. Call me old school but physical button are less distracting, one can focus better on the road.
The T3 van has a range of up to 400km per charge according to manufacturer specifications. 300km is probably a comfortable distance to cover on one full charge. It takes about 6-7 hours for a full charge running on AC. The cost of charging a T3 is about $12 vs a diesel driven van which cost $130 on full tank. Cost of maintenance is low, no oil change is required. The cost saving aspect made it one of the best selling commercial vehicle since launched April last year. An estimate of 200-300 units of T3 had since been registered.
The pain point of EV adoption is the lack of charging point. AC charging point can be installed for less than 4k. Installation cost of charger is coming down too. I do see the trend of businesses mass adopting commercial EV as charging point can be installed at business premises without much restriction. Adoption especially in private residential lagged due to resistance from residents, most common reason for rejection “who is going to bear the cost if I am not driving an ev?” lambasted the residents during one such MCST AGM. Unless the government could come out with the money and law to mandate installation of EV charging point for new private housing development, the adoption of EV passenger car is going to be slower than commercial EV. I believe build enough chargers the flock will come.
Another pain point of owning an EV is the cost of battery replacement. It costs near 12k to have the battery replaced. BYD provide a 8 years warranty on battery to provide the owner with a peace of mind. Prices of battery replacement had been coming down in recent years. Ideally one replacement of battery at 5 years mark is just about right. Currently government is giving attractive incentives for business owners to buy electric commercial vehicles. T3 qualify for the highest tier of 30k grant. The grant will be paid over 3 years. It cost around 75k after incentive paid over 3 years to buy a BYD T3. The catchy slogan of BYD “Build Your Dreams” can also mean “Building Your Dollars” as a business owners with the substantial cost saving running a fleet of T3 commercial vehicles. That is 40k of saving over a period of 5 years just on fuel alone excluding regular maintenance required by combustion vehicle, even with a 12k replacement of battery at 5 years mark, saving is well over 30k. EV represented the future of a decarbonised world where cleaner air and cost saving awaits the early adopters.
*All information is accurate at the time of publishing. User experience do differ.
*Lone Wolf investor will be getting a fee for every successful referral.
*Interested buyer can email me at ccuvteam@gmail.com for promotional code to get the best deal. Terms and conditions apply.
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