SINGAPORE: Electric vehicles (EVs) accounted for about 58%, or 7,679 of the 13,322 new cars registered in Singapore in the first quarter, according to the Land Transport Authority (LTA), marking the first time EV registrations outnumbered combustion engine and hybrid models. This was a sharp increase from last year’s record-high 45% share of EV registrations.

In terms of EV brands, Chinese automaker BYD led the market with 3,239 units, or nearly one in four new car registrations. Of these, 3,073 were fully electric, while 166 were petrol-electric (plug-in hybrid) models.

While an EY survey in January found charging concerns had dampened buyer interest in purchasing EVs, some industry players said rising fuel prices amid the Middle East war are now pushing buyers already considering EVs to act sooner, Channel News Asia reported.

EV players in Singapore have seen sales surge, with Chinese automaker Dongfeng reporting a jump of up to 80% in March.

However, some industry players noted that the recent revision of the Preferential Additional Registration Fee (PARF) rebate, which affects new car registrations this year, is a key driver of the rising interest in EVs.

In February, the LTA announced that the PARF rebate has been lowered by 45 percentage points.

The PARF rebate is the amount car owners receive when they deregister their vehicle, and it is calculated as a percentage of the Additional Registration Fee (ARF) paid. The ARF itself is based on a car’s Open Market Value (OMV), which is its estimated price before taxes. The rebate is tiered depending on the age of the vehicle when it is deregistered, with newer cars receiving a higher percentage.

With the revision, the gap in PARF rebates between EVs and non-EVs has narrowed.

Dongfeng Singapore founder and CEO Soh Ming told Channel News Asia that this helps level the playing field between EVs and non-EVs. Meanwhile, automotive industry consultant Say Kwee Neng told The Straits Times that with the reduced gap in PARF rebates between EVs and non-EVs, consumers have fewer reasons to stick with petrol engine models. /TISG

Read also: Singaporeans may have to pay more for celebrations as helium costs rise up to 40% amid Middle East conflict

This article (Singapore sees higher EV registrations in first quarter as rising petrol prices drive urgency among buyers already considering EVs, experts say) first appeared on The Independent Singapore News.

MEXICO: A man working at a Fortune 100 company shared his financial worries online after being laid off for the first time. With only three months’ notice, a baby, and having recently paid in cash for a car, he said, “I’m scared about what comes next.”

The layoffs came as the company plans to consolidate operations into a single hub, instead of several offices in Mexico, and hire employees in lower-cost countries, mostly in parts of Africa where wages are significantly lower, he said.

Explaining his situation further on r/Layoffs, he wrote: “I can’t go into detail about my role due to contractual restrictions, but I’ve held a senior position for over two years and been here for eight years. During that time, I worked hard and genuinely loved what I did. The job came with great benefits: two months of vacation, a hybrid work model, insurance, and a level of flexibility that allowed me to leave early or take time off when needed.”

Before the layoffs were confirmed, rumours about the job cuts had already been circulating across the company. Then came slowed hiring across several departments, and new recruits who were struggling to perform were eventually let go. On Wednesday, after being called into the office, it finally became official.

Although there’s a good severance package waiting, and some have been offered to relocate to the bigger city, the cost of living there is so high that it would require double the salary, which is not being offered.

Sharing his worries further, he added, “I’m still relatively young, and this is the first time I’ve ever been laid off. I feel a mix of fear and uncertainty. Part of me wants to invest in a business and become my own boss, but living in this country, concerns about corruption and violence make that decision difficult.”

While he felt constant pressure over the past year, there was also a sense of relief, “that maybe this is a turning point”, yet he said, “I feel lost and uncertain.”

Amid his feelings of uncertainty, commenters who have been laid off once encouraged him.

One said, “I’ve been at it for just about 30 years now. I’ve been laid off twice… It happens to most people at least once,” adding that it was “the best thing that could’ve happened” to him.

Another shared, “All I can say my friend is you are not alone. Life has been a struggle for me,” explaining that just as things seemed to ease — after getting a good job, paying a large sum toward his mortgage, and getting a tattoo and buying the guitar he wanted — he “got laid off and [was] back to the grind.”

A third advised, “Look forward. You’ll find another job; things will work out. Leverage your professional network, don’t be afraid to contact people that you haven’t spoken to in a few years if that’s what it takes.” 

However, one commenter shared a more pessimistic note, saying, “The race to the bottom is real. Sorry to hear about you losing your job. Seems like no one and no country is safe.” /TISG

Read also: ‘So this is what AI will drive’: Workers react as PwC partner pay rises amid AI push and fewer staff

This article (‘I’m scared about what comes next’: Fortune 100 worker shares financial worries after being laid off as company shifts hiring to ‘lower-cost countries’) first appeared on The Independent Singapore News.