Ryde's Strategic Expansion: Capturing Singapore's Ultra-Premium EV Market

Rhea-AI Summary

Ryde Group (NYSE:RYDE) announced its strategic expansion into Singapore's ultra-premium EV market through the launch of RydeLUXE 6, following its acquisition of a 40% stake in Atoll Discovery. The partnership provides access to Atoll's GAC E9 PHEV fleet and high-value corporate clients.

The initiative targets Singapore's $6.4 billion mobility market opportunity, with premium services expected to contribute 10% of total revenue by 2027. The fleet expansion plan includes scaling to 100 GAC E9 units by end-2026. Driver-partners will benefit from preferential leasing rates of ~S$4,200/month and monthly bonus incentives up to S$300.

This strategic move aligns with Singapore's Green Plan 2030 and positions Ryde to capitalize on the growing luxury transport demand driven by 333,000+ millionaire households in Singapore.

Positive

• None.

Negative

• High operational costs with GAC E9 leasing rates at S$4,200/month per vehicle
• Significant capital investment required for fleet expansion
• Dependence on luxury market segment could be vulnerable to economic downturns

New Driver-Partner Pool, Corporate Contracts and Bonus Incentives to Boost Ryde's Revenue Streams

SINGAPORE / ACCESS Newswire / July 11, 2025 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde" or the "Company"), a leading technology platform for mobility and quick commerce in Singapore, is making a strategic move into Singapore's ultra-premium electric vehicle (EV) market with the planned launch of RydeLUXE 6, a premium electric vehicle and plug-in hybrid electric vehicle (PHEV) service targeting Singapore's rapidly expanding ultra-luxury transport market.

The initiative is being rolled out in partnership with Atoll Discovery Pte Ltd ("Atoll"), following Ryde's recent acquisition of a 40% stake in the fleet operator. The partnership gives Ryde direct access to Atoll's GAC E9 PHEV fleet - and the high-value corporate clients that come with it.

Strategic Outlook: Addressing Singapore $6.4 billion mobility opportunity

Singapore's shared mobility sector is projected to reach US$6.4 billion by 2040, with a rapidly growing ultra-premium segment that remains largely underserved by traditional ride-hailing platforms.

A key growth area within this space is the ultra-premium and luxury mobility segment, which includes chauffeur-driven electric vehicles and high-end concierge rides. This segment offers high-margin opportunities and is expected to drive a meaningful uplift to Ryde's topline - with the potential to contribute up to 10% of total revenue by 2027.

This segment is fueled by:

• Over 333,000 millionaires (households with net worth ≥ US$1 million).

• Growing executive and hospitality transport demand.

• An increasing shift toward zero-emission vehicles under the Singapore Green Plan 2030.

The GAC E9 is a luxury plug-in hybrid (PHEV) six-seater vehicle that delivers up to 136 km of pure electric driving range (CLTC) and a total combined range of over 1,000 km when factoring in its petrol engine. It supports DC fast charging, reaching 20-80% charge in approximately 30 minutes. Designed for quiet, comfortable executive transport, the GAC E9 will serve as the flagship model for the upcoming launch of RydeLUXE 6 fleet - catering to the needs of Singapore's growing population of high-net-worth individuals and corporate travellers.

Strategic Fleet Expansion and Driver Integration

Under the partnership, Atoll will double down its GAC E9 fleet by the end-2025, scaling to 100 units by the end of 2026. All GAC E9 driver-partners will join Ryde's RydeLUXE 6 network, immediately expanding premium service capacity.

The GAC E9 is already operational across China and ASEAN markets for hotel transfers and VIP transport - reinforcing its relevance in Singapore's hospitality and executive segments.

Enhanced Driver-Partner Value Proposition

The upcoming launch of RydeLUXE 6 program is designed to unlock premium earning potential and greater income stability for Ryde's driver-partner community through a differentiated offering:

• Preferential leasing rates: Driver-partners leasing the GAC E9 will enjoy preferential rental rates at ~S$4,200/month.

• Bonus Incentives: Monthly bonus incentives of up to S$300, co-funded by Ryde and Atoll, will reward RydeLUXE 6 job completions

Ryde will route bookings from Atoll's corporate transport contracts - including hotel-to-airport transfers and executive rides - through the Ryde app, offering consistent job flows and higher income potential.

Leadership Vision and Market Positioning

"Atoll's premium EV fleet and their corporate transport contracts unlock immediate monetisation opportunities for Ryde," said Terence Zou, Founder, Chairman and CEO of Ryde Group. "This is more than a partnership - it's an engine for sustained high-margin growth. RydeLUXE 6 with GAC E9 is the next frontier in our vision to own the premium sustainable mobility space in Singapore."

Steven Kwek, Director of Atoll, added: "We have spent the last four years refining our operational model and cultivating corporate relationships. With Ryde, we now have the platform to scale our premium EV services while directly benefiting Singapore's luxury and executive travel market."

Long-Term Vision and Regional Play

The initiative aligns with Ryde's RydeGreen program, supporting Singapore's Green Plan 2030 goal to electrify 50% of the local vehicle population by 2030.

Backed by its 0% driver commission model, Ryde's super mobility app is uniquely positioned to create value in the evolving EV economy. Partnering with Atoll and SEV, Ryde is building an integrated ecosystem of fleet leasing, booking, and infrastructure - laying the groundwork for scalable EV adoption and future regional expansion.

As EV momentum grows across Southeast Asia, Ryde is positioned not only to lead in sustainable mobility at home, but also to replicate this high-margin, asset-light model in adjacent markets.

About Ryde Group Ltd

Ryde, a homegrown super mobility app founded in Singapore, is the world's FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE American, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take 0% commission, ensuring that more of every hard-earned dollar goes to drivers on our platform. For more information, please visit https://rydesharing.com/ to learn more.

Contacts:

For Media Relations:
Media Team
Ryde Group Ltd
Email: media@rydesharing.com

For Investor Relations:
Investor Relations Team
Ryde Group Ltd
Email: investor@rydesharing.com

FORWARD-LOOKING STATEMENTS

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors . Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Ryde Group

View the original press release on ACCESS Newswire

FAQ

What is Ryde's stake in Atoll Discovery and what does it mean for the company?

Ryde acquired a 40% stake in Atoll Discovery, giving them access to Atoll's GAC E9 PHEV fleet and high-value corporate clients, particularly in the ultra-premium transport segment.

How much revenue does Ryde expect from its premium EV service?

Ryde expects its premium service to contribute up to 10% of total revenue by 2027, targeting Singapore's projected $6.4 billion mobility market.

What are the key benefits for Ryde drivers under the RydeLUXE 6 program?

Drivers receive preferential leasing rates of S$4,200/month, monthly bonus incentives up to S$300, and access to consistent corporate transport bookings including hotel-to-airport transfers.

How many GAC E9 vehicles will be in Ryde's fleet by 2026?

Ryde plans to scale its GAC E9 fleet to 100 units by the end of 2026 through its partnership with Atoll Discovery.

What is the target market size for Ryde's premium EV service in Singapore?

The service targets over 333,000 millionaire households in Singapore, along with growing executive and hospitality transport demand in the ultra-premium segment.

What are the technical specifications of the GAC E9 PHEV used in RydeLUXE 6?

The GAC E9 PHEV offers 136 km of pure electric range, total combined range of over 1,000 km, and supports DC fast charging (20-80% in 30 minutes).