News

Transport & Logistics

Staff Reporter

, Singapore

Published:

2 years ago

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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)

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