The first Mitsubishi iMiEV electric car in Singapore will be registered under a financially attractive scheme called Tides as the Republic powers into the electric vehicle domain.
Because of its sophisticated technology, the cost of making an electric car is prohibitive.
For example, the iMiEV has an OMV or open market value of about $85,000, based on the current exchange rate. Compare this with the non-electric version of the car, called the Mitsubishi i with a conventional 660cc petrol engine - this has an OMV of only approximately $14,000.
If the usual registration taxes are levied, the list price of the iMiEV will more than double as the Additional Registration Fee is 100 per cent of OMV and excise duty is 20 per cent of OMV - and this doesn’t even include the GST and COE required over and above that.
So instead, the iMiEV - the first of which arrived earlier this month - will be registered under Tides or the Transport Technology Innovation and Development Scheme.
It is part of the $20 million test-bed project that will see 50 units of the iMiEV deployed to test the electric vehicle infrastructure, which will include the setting up of a pilot network of charging stations.
Ten of the eco-friendly cars will be used by government agencies, while the rest will go to private sector companies who want to participate in the test-bed. Only Singapore-registered companies will be considered.
Under Tides, each iMiEV will be priced at only $90,000, with ownership stretching for up to four years.
‘If the car were to be registered using only the green vehicle rebate, the final retail price would be around $190,000, which realistically is not commercially viable for an iMiEV,’ said Edmund Gin, senior manager of Cycle & Carriage (C&C), the authorised distributor of Mitsubishi cars.
He added that C&C hopes the test-bed proves to be successful and serious thought will be given to promote the use of electric cars in the future.
The electric Mitsubishis will be affixed with blue- and-yellow RD number plates. With these special research & development licences, their owners will also be exempt from road tax.
However, they will have to pay an annual administrative fee of $1,600 to the government.
As part of their contribution to R&D under the Tides scheme, iMiEV owners also have to collate data based on the requirements of A*Star, the Agency for Science, Technology and Research.
So does this mean that ordinary folk will soon be able to go down to the Mitsubishi showroom and buy an iMiEV?
‘Two key factors will determine the timing for making the iMiEV a commercial retail possibility,’ said Mr Gin.
‘First would be the reduction in the cost price of the iMiEV, after the amortisation of costs kicks in for the manufacturer.’
As for the second point, he said: ‘Most importantly, we will need the support from the government in introducing tax rebates for customers to enjoy the iMiEV.’
