SINGAUTO Secures USD 45 Million in Funding, Spearheads Global Expansion of New Energy Refrigerated Vehicles

SINGAPORE, April 23, 2024 /PRNewswire/ -- SINGAUTO, a technology company specialising in new energy intelligent refrigerated vehicles and related solutions, has secured USD 45 million in funding to enhance production capabilities, accelerate trial vehicle development, and refine its product lineup and software solutions.

The company's flagship product, the S1 new energy cold chain vehicle, along with the V1 intelligent commercial vehicle and E1 self-charging vehicle, were unveiled in September 2023. The S1 model boasts a storage capacity of 18 cubic metres, a 300km range using advanced lithium iron phosphate battery technology, and flexible recharging solutions. It will feature fully autonomous driving capabilities, with a global debut set for May this year and deliveries expected to commence in 2025.

"Our products represent a leap forward in the design and functionality of new energy commercial vehicles," said Liu Yuqiang, founder of SINGAUTO. "Notably, our R&D efforts have resulted in cutting-edge commercial vehicle domain controller products powered by NVIDIA and Horizon's high-performance SOCs. These can support L2 level assisted driving and are designed to meet L3 and L4 level autonomous driving needs in the near future."

The electrification of commercial vehicles is advancing both domestically and globally. Noting the significant environmental impact of this shift, Liu added, "While passenger cars predominantly use gasoline, commercial vehicles typically run on diesel. Our analyses have shown that one of our new-energy commercial vehicles can offset the carbon emissions of 50 gasoline-powered cars."

As a Singaporean company, SINGAUTO's vision extends well beyond the Chinese market. "We consider ourselves a global entity," Liu said. "Looking ahead, we're preparing for product launches in regions like Southeast Asia (SEA) and the Middle East (ME), where the climate demands year-round use of refrigerated transport, presenting a significant market opportunity for our vehicles."

With strategic partnerships fuelling its path, SINGAUTO remains committed to delivering unparalleled value on a global scale. The company is now poised to begin mass production, with a target of delivering over 20,000 units by 2025 and ramping up output to 100,000 units by 2027.

About SINGAUTO

SINGAUTO is a technology company headquartered in Singapore, focusing on the R&D and manufacturing of feeder logistics products, software development, and technology services, and is committed to creating the world's number one brand of new energy smart refrigerated trucks.

SOURCE SINGAUTO