Ryde Bets Big on EVs: Targets 1,200 Additional EVs by 2027 in Singapore
Ryde Group (NYSE:RYDE) announces expansion of its RydeGreen Program, targeting 1,200 additional EVs by 2027 in Singapore. The company partners with Singapore Electric Vehicles (SEV) to provide affordable EV leasing solutions to driver-partners. The initiative includes a $1 million green bonus commitment for drivers and aims to support Singapore's Green Plan 2030.
The phased rollout targets 600 EVs by 2025 and 900 EVs by 2026. SEV's collaboration includes plans to install 250 charging stations across Singapore by 2030. The program leverages AI-powered routing algorithms to optimize routes and minimize carbon emissions while aiming to increase revenue through EV trip bookings.
Ryde Group (NYSE:RYDE) annuncia l'espansione del suo programma RydeGreen, con l'obiettivo di aggiungere 1.200 veicoli elettrici entro il 2027 a Singapore. L'azienda collabora con Singapore Electric Vehicles (SEV) per fornire soluzioni di leasing di veicoli elettrici a prezzi accessibili per i conducenti-partner. L'iniziativa include un
Il lancio graduale prevede 600 veicoli elettrici entro il 2025 e 900 veicoli elettrici entro il 2026. La collaborazione con SEV include piani per installare 250 stazioni di ricarica in tutta Singapore entro il 2030. Il programma sfrutta algoritmi di routing basati sull'AI per ottimizzare i percorsi e ridurre le emissioni di carbonio, puntando al contempo ad aumentare le entrate attraverso le prenotazioni di viaggi in veicoli elettrici.
Ryde Group (NYSE:RYDE) anuncia la expansión de su programa RydeGreen, que tiene como objetivo 1,200 vehículos eléctricos adicionales para 2027 en Singapur. La empresa se asocia con Singapore Electric Vehicles (SEV) para ofrecer soluciones de leasing de vehículos eléctricos asequibles para los conductores-socios. La iniciativa incluye un compromiso de bono verde de 1 millón de dólares para los conductores y busca apoyar el Plan Verde de Singapur 2030.
El despliegue por fases apunta a 600 vehículos eléctricos para 2025 y 900 vehículos eléctricos para 2026. La colaboración con SEV incluye planes para instalar 250 estaciones de carga en toda Singapur para 2030. El programa utiliza algoritmos de enrutamiento impulsados por IA para optimizar las rutas y minimizar las emisiones de carbono, al mismo tiempo que busca aumentar los ingresos a través de reservas de viajes en vehículos eléctricos.
Ryde Group (NYSE:RYDE)는 2027년까지 싱가포르에 1,200대의 추가 전기차를 목표로 하는 RydeGreen 프로그램의 확장을 발표했습니다. 이 회사는 싱가포르 전기차(Singapore Electric Vehicles, SEV)와 협력하여 드라이버 파트너에게 저렴한 전기차 리스 솔루션을 제공합니다. 이 이니셔티브는 드라이버를 위한 100만 달러의 친환경 보너스 약속을 포함하며, 싱가포르의 2030년 녹색 계획을 지원하는 것을 목표로 합니다.
단계적 롤아웃은 2025년까지 600대의 전기차, 2026년까지 900대의 전기차를 목표로 합니다. SEV와의 협력에는 2030년까지 싱가포르 전역에 250개의 충전소를 설치할 계획이 포함됩니다. 이 프로그램은 AI 기반의 경로 최적화 알고리즘을 활용하여 경로를 최적화하고 탄소 배출을 최소화하며, 전기차 여행 예약을 통해 수익을 증가시키는 것을 목표로 합니다.
Ryde Group (NYSE:RYDE) annonce l'expansion de son programme RydeGreen, visant 1 200 véhicules électriques supplémentaires d'ici 2027 à Singapour. L'entreprise collabore avec Singapore Electric Vehicles (SEV) pour fournir des solutions de leasing de véhicules électriques abordables à ses partenaires conducteurs. L'initiative comprend un engagement de bonus vert d'un million de dollars pour les conducteurs et vise à soutenir le Plan Vert de Singapour 2030.
Le déploiement par étapes vise 600 véhicules électriques d'ici 2025 et 900 d'ici 2026. La collaboration avec SEV inclut des plans pour installer 250 stations de recharge à travers Singapour d'ici 2030. Le programme utilise des algorithmes de routage alimentés par l'IA pour optimiser les itinéraires et minimiser les émissions de carbone, tout en visant à augmenter les revenus grâce aux réservations de trajets en véhicules électriques.
Ryde Group (NYSE:RYDE) kündigt die Erweiterung seines RydeGreen-Programms an, das 1.200 zusätzliche Elektrofahrzeuge bis 2027 in Singapur zum Ziel hat. Das Unternehmen arbeitet mit Singapore Electric Vehicles (SEV) zusammen, um erschwingliche Leasinglösungen für Elektrofahrzeuge für Fahrpartner anzubieten. Die Initiative umfasst ein Engagement von 1 Million Dollar für grüne Boni für Fahrer und soll Singapur's Green Plan 2030 unterstützen.
Die schrittweise Einführung zielt auf 600 Elektrofahrzeuge bis 2025 und 900 Elektrofahrzeuge bis 2026 ab. Die Zusammenarbeit mit SEV beinhaltet Pläne zur Installation von 250 Ladestationen in ganz Singapur bis 2030. Das Programm nutzt KI-gestützte Routing-Algorithmen, um Routen zu optimieren und Kohlenstoffemissionen zu minimieren, während es gleichzeitig anstrebt, die Einnahmen durch Buchungen von Elektrofahrzeugfahrten zu steigern.
- Commitment of $1 million in green bonuses for driver-partners
- Strategic partnership with Singapore's largest EV leasing company (SEV)
- Clear EV expansion targets: 600 EVs by 2025, 900 by 2026, 1,200 by 2027
- Access to growing charging infrastructure network
- Significant capital investment required for EV fleet expansion
- Dependence on third-party charging infrastructure development
- Extended timeline for full implementation (until 2027)
Insights
The strategic partnership between Ryde and SEV marks a calculated move into Singapore's growing EV market, with several key implications. The commitment of
The phased approach (600 EVs by 2025, 900 by 2026) allows for measured scaling while mitigating operational risks. The partnership with SEV provides important infrastructure access, addressing one of the primary barriers to EV adoption - charging accessibility. With 250 planned charging stations, this creates a competitive moat in Singapore's ride-hailing market.
For a company with a market cap of
The RydeGreen Program presents a compelling financial strategy with multiple revenue drivers. The EV fleet expansion creates three key monetization channels:
- Increased booking revenues from eco-conscious consumers
- Higher driver retention through green bonuses and reduced operating costs
- Potential carbon credit monetization opportunities
The partnership with SEV effectively transforms high upfront EV costs into manageable operational expenses through leasing arrangements. This capital-light approach preserves balance sheet flexibility while enabling rapid scaling. The
The staged implementation timeline allows for proper capital allocation and risk management, important for a company of Ryde's size. This structured approach to fleet electrification could drive both top-line growth and margin expansion through operational efficiencies.
SINGAPORE, SINGAPORE / ACCESSWIRE / December 30, 2024 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde'' or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, is accelerating the green mobility revolution in Singapore with its RydeGreen Program, a comprehensive initiative aimed at driving electric vehicle (EV) adoption, empowering driver-partners, and reducing carbon emissions.
As part of this transformative initiative, Ryde is targeting to introduce an additional 1,200 EVs under its RydeGreen Program by 2027.
This bold commitment, in partnership with Singapore Electric Vehicles (SEV), the largest EV leasing company in Singapore, offers driver-partners affordable EV leasing solutions and access to an extensive charging network. This network is further strengthened by SEV's collaboration with their partners, which aims to install up to 250 charging stations across Singapore by 2030.
RydeGreen Program - Leading the charge for a greener future
The RydeGreen Program embodies Ryde's mission to build a smarter, greener, and more inclusive future for urban mobility. It is also a strategic initiative to strengthen Ryde's market share and drive revenue growth through exclusive partners such as Singapore Electric Vehicles (SEV), who have the largest commercial electric vehicle fleet in Singapore.
By investing in green mobility, Ryde in collaboration with SEV are poised to:
A) Accelerate EV Adoption
Targeting additional 1,200 EVs by 2027, with 900 EVs by 2026 and 600 EVs by 2025.
Partnering with Singapore Electric Vehicles (SEV), the largest EV leasing company in Singapore, to offer driver-partners affordable leasing options. SEV's collaboration with key partners further enhances access to a growing charging network across Singapore, ensuring convenience and reliability for EV adoption.
B) Increase Driver-Partner Engagement and Retention
Financial Incentives: Driver-partners leasing EVs through SEV will receive a monthly Green Bonus, with Ryde committing over
$1 million green bonus to support its driver-partners.Affordable EV rental options to support driver-partners' financial stability and operational efficiency.
C) Support the Singapore Green Plan 2030
Advancing the Green Plan's Energy Reset & City in Nature Pillars by facilitating the shift to cleaner energy through the reduction of carbon emissions and reducing reliance on fossil fuels.
Playing a key role in achieving 2030 emission reduction targets with sustainable transportation solutions.
Leveraging AI-powered routing algorithms to optimize routes and minimize carbon emissions by adding additional EV Fleet.
D) Long Term Growth through EV Adoption Strategy
The expansion of EV adoption enhances the RydeGreen Program, generating increased revenue through increased EV trip bookings. As Singapore accelerates its transition to green mobility, Ryde's proactive EV adoption strategy ensures it remains competitive in a rapidly evolving market.
Strategic Partnership Driving Green Mobility
This collaboration between Ryde and SEV unites two industry leaders to accelerate the adoption of EVs in the ride-hailing ecosystem. By combining Ryde's AI-powered routing capabilities with SEV's expertise in providing well-maintained EV fleets, the program enhances accessibility to electric vehicles and promotes cleaner transportation solutions.
Terence Zou, Founder, Chairman, and CEO of Ryde Group, shared "Ryde's commitment to sustainability goes beyond words - It's about creating real impact on the ground. Through the RydeGreen Program and our partnership with SEV, we can lead Singapore's transition toward a sustainable and inclusive mobility ecosystem, fully aligned with the goals of Singapore Green Plan 2030."
Steven Kwek, COO of SEV, added: "We are thrilled to collaborate with Ryde as a strategic partner. Together, we will expand the EV fleet under the RydeGreen Program and align with Singapore's sustainability goals for greener urban mobility."
About Ryde Group Ltd
Ryde, a homegrown super mobility app founded in Singapore, is the world's FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take
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FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors . Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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Suraj Raj
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suraj@rydesharing.com
(65) 97775120
SOURCE: Ryde Group
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