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DST Electric Vehicle Rental (Shenzhen) Co., Limited (DST), China’s biggest commercial electric vehicles digital platform with a complete suite of vehicles, digital and performance data, and Strides Transportation (Strides), a wholly owned subsidiary of SMRT Road Holdings Ltd, have signed a Memorandum of Understanding (MOU) to work towards forming a joint venture company (JV) to provide commercial electric vehicle (EV) solutions in Singapore and South-east Asia.
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Under the JV, DST will provide electric vehicles through its procurement network and in-house fleet management solution from China. This is DST’s first overseas venture. Strides, SMRT’s urban mobility services arm, will work with customers in Singapore and South-east Asia to advance the acceleration of electric vehicle adoption and provide an established commercial electric vehicle leasing solutions. Strides will also leverage the JV with DST to develop and provide sustainable urban mobility solutions for customers in Singapore.
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Founded in 2015, DST provides EV operation and management services for logistics companies. It offers rentals of electric trucks and vans, along with a full set of after-market services, to clients and drivers through its offline and online platforms. DST’s offline platform covers a China-wide network of operation branches, charging sites, maintenance stations and service partners, offering EV charging, fleet repair and maintenance, insurance and other auxiliary services. DST’s online digital platform allows clients and drivers to monitor vehicle and battery data and collect route information, enabling EV life-cycle management and improving operational efficiency.
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Strides is playing an active role in accelerating the use of electric vehicles and aspires to be a leading name in sustainable transport services and solutions. It offers Electrification-as-a-Service as a full suite of end-to-end solutions that includes the provision and maintenance of electric vehicles, charging infrastructure and a digital management platform. In April, SMRT announced its plan to have a full fleet of electric taxis by 2025. Under its recent tie-up with SP Group, Strides’ EV drivers and corporate customers will have access to high-speed chargers around Singapore. Earlier, Strides signed an MOU with EuroSports Technologies to develop, deploy and distribute smart electric motorcycles in Singapore and the region.
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Ms Zhang Hai Ying, Founder and CEO of DST, said, “Carbon neutrality is a common goal for all mankind, and sustainable transportation plays a major role to achieve ‘Emission peak-Carbon neutrality’. We are glad to cooperate with Strides, a well-known leading provider of vehicle leasing, chauffeur services and sustainable urban mobility services in Singapore, to jointly promote the adoption of clean energy vehicles in Singapore and South-east Asia. This cooperation is our giant step of exploiting the oversea market. We will deliver our six years of experience in the operation of new energy commercial vehicle platform in China, jointly enable life-cycle management of new energy logistic vehicles, conduct promotion of commercial electric vehicles, and achieve the goal of building a green ecosystem with Strides in Singapore and South-east Asia.”
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Mr Tan Kian Heong, President, SMRT Road Holdings, said, “This collaboration with DST is a key part of our Electrification-as-a-Service plan. Working closely with the largest electric vehicle digital platform operator in China, we will offer innovative end-to-end solutions to accelerate the green mobility transition for our customers and fleet owners through greater operational efficiency and better sustainable outcomes. We aim to establish a strong foothold in Singapore, and progressively expand into South-east Asia.”
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According to management consultancy Bain & Company, Association of South-east Asian Nations (ASEAN) member countries lag behind China, Europe and the United States in electric vehicle adoption. ASEAN lacks a supply of electric vehicles, attractive consumer economics, government incentives and a charging infrastructure. However, Bain expects ASEAN annual new investment in passenger electric vehicles to grow to US$6 billion by 2030, and it will need another US$500 million in new charging infrastructure to support electrification needs. In addition, Bain & Co expects commercial fleet owners to lead the electrification as they may develop their own charging infrastructure and more attractive total cost of ownership due to higher fuel costs especially in Singapore and Thailand1.
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