Photo from SINGAUTO

SINGAUTO secures $61.2m funding for global expansion plans

The company will begin mass production of the S1 new energy cold chain vehicle to deliver over 20,000 units by 2025.

SINGAUTO has secured funding of $61.2m (US$45m) to enhance its production and accelerate trial vehicle developments aimed at global expansion

The funding follows the company’s plan to debut globally its flagship product, the S1 new energy cold chain vehicle, in May, with deliveries to commence in 2025.

ALSO READ: Sustainability and agrifood sectors fuel Singapore startup growth

"We're preparing for product launches in regions like Southeast Asia (SEA) and the Middle East, where the climate demands year-round use of refrigerated transport, presenting a significant market opportunity for our vehicles." Liu Yuqiang, founder of SINGAUTO, said

The company is set to begin mass production with a target of delivering over 20,000 units by 2025 to 100,000 units by 2027.

(US$1 = $1.36)

 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
Retail
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.