GET GO CAR SHARING

GetGo Technologies (“GetGo”), the fastest growing and largest Point A to A Carsharing platform in Singapore signed MoUs with the Hyundai Motor Group Innovation Centre in Singapore (“HMGICS”) and ComfortDelGro ENGIE (“CDG ENGIE”) on 26th May 2022, to accelerate electric vehicle (EV) carsharing adoption in Singapore. GetGo’s long term vision is to operate a fully electric and hybrid fleet of 10,000 vehicles in Singapore by 2030 in line with the Singapore Green Plan 2030. The event also saw the debut of “IONIQ 5”, Hyundai Motor Group’s state-of-the-art EV, on the GetGo platform.

Founded in 2020, GetGo currently has over 1300 cars across 1200 locations available 24/7. From launching the service in February 2021 with 10,000 users, GetGo now serves 200,000 users with thousands of bookings each day.

The aim of GetGo is to promote shared and sustainable mobility in Singapore over the next 10 years, thereby reducing the demand for private vehicles in line with the Government of Singapore’s Car-Lite Master Plan. For users, GetGo offers the option to enjoy the freedom and flexibility of driving, without the financial burden and inefficiencies associated with car ownership.

GetGo and HMGICS will collaborate on innovative mobility technologies in relation to EVs and carsharing, with the aim of promoting the adoption of Hyundai EVs in Singapore through carsharing. CDG ENGIE will be GetGo’s EV charging partner in its electrification journey, supporting the deployment of EVs on its platform.

The initial cost i.e., purchase price of EVs tends to be significantly higher than that of similar fuel-run cars. Given this, do you think there is enough interest for electric cars here that would prompt people to rent an electric car rather than buy a fuel car? If yes, can the Singapore Green Plan’s 2030 targets be achieved faster.

Many Singaporeans are shifting away from vehicle ownership for a multitude of reasons – from the rising COE prices and ownership costs to the growing concerns around environmental issues. We are confident that the current market conditions will become increasingly favorable for shared mobility adoption, with more users seeking carsharing services as a means of transport.

Furthermore, strong efforts have been made to electrify the vehicle population by 2030 as our nation continues to push for a Green and Car-lite society. With this growing impetus for sustainability, as well as technological advancements in electric vehicles, there has been growing interest from drivers in experiencing and utilizing electric vehicles for their commute.

As Singapore continues to push towards a sustainable future, we are confident that key drivers such as early EV adoption and development of EV charging infrastructures will help achieve Singapore Green Plan’s targets of cleaner energy by

We believe that the 2030 plan is an ambitious yet feasible plan.

 Do you have a target with regard to the reduction in greenhouse gas (GHG) emissions from your business that you want to achieve by 2030?

Our long-term goal is to reduce the demand for vehicle ownership by 100,000, thereby cutting down on the environmental footprint caused by vehicle carbon emissions.

Our main strategy to tackle this is to expand towards a fully electric and hybrid carsharing fleet of 10,000 vehicles in Singapore by 2030, as well as increasing the accessibility of shared electric vehicles.

Beyond growing electric vehicles as a portion of our fleet, we are also looking to aggressively grow our fleet as we believe that there is still much unmet demand. We will not only grow in absolute numbers, but we will also progressively increase the variety of makes and models on our service, including electric vehicles, as we make our service even more convenient over time. We will also innovate on additional service models to cater to a wider range of use cases.

Through shifting consumer driving demand from individual owned ICE vehicles towards using our fleet of cleaner vehicles, we expect to drive a significant reduction of greenhouse gas emissions.

This is regarding your partnership with ComfortDelGro Engie who are installing EV chargers over 200 public carparks Island-wide. Are you also planning for the electricity for your electric vehicle fleet to come from solar power? (The 2030 Singapore green plan target regarding solar energy is to increase solar energy deployment by five-fold to at least 2 GWp).

With our latest MoU agreement, GetGo is collaborating with CDG ENGIE to utilise their extensive charging network to support GetGo’s fleet of EV, starting in Jurong Spring, before expanding it across the island as part of its electrification journey.

While the decision to integrate solar energy solutions is dependent on our partners’ business development roadmap, the GetGo team is always open to collaborating and exploring innovative mobility technologies that can help us realise our vision of a shared and sustainable mobility ecosystem in Singapore.

Being a Point A-to-A service, the car has to be returned to the same parking lot it was picked up from. Do you have plans to change this model so that cars can be returned to a different point; this may increase bookings and also reduce energy consumption.

We recognize that there are unique benefits and challenges to the different types of business models. While free-float or A-to-B services may appear more desirable, it comes with its set of operational considerations, as well as inefficiencies in utilisation. There are also competitive considerations vis–a-vis point-to-point services like taxi and ride hailing, which are already serving this segment relatively well. We also do not believe that free-float services reduce energy consumption, as they ultimately will need to be rebalanced to areas of demand.

At GetGo, our priority is to ensure that as many users can experience the #FreedomToDrive as possible. As such, we are already operating at a significant scale to ensure that our service is accessible 24/7, with more than 1,100 locations island wide currently.

Furthermore, to minimize the barriers for users interested in our service, we operate with a unique Pay-As-You-Go pricing model. This means that we do not have membership fees or require wallet top-ups. Users are simply charged after each trip via their credit or debit cards for the duration and mileage charges incurred.

In terms of outlook, we are constantly looking to work with other strategic partners – including government agencies and private car park operators – to explore the alternative free-float models in the future.

At the same time, we are investing heavily into research and development, as well as business growth to ensure that we have the operational and technical expertise to facilitate that shift if necessary.

Once the above factors are in place, we then may trial a limited free-float model to assess its feasibility.