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Ryde Bets Big on EVs: Acquires 40% Stake in Atoll to Expand EV Footprint in Singapore
SINGAPORE, SG / ACCESS Newswire / June 18, 2025 /Ryde Group Ltd (NYSE American:RYDE) ("Ryde'' or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, today announced the acquisition of a strategic ...
About this update from Ryde Group Ltd.
[{"type":"text","content":"SINGAPORE, SG / ACCESS Newswire / June 18, 2025 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde'' or the "Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, today announced the acquisition of a strategic 40% shareholding in Atoll Discovery Pte Ltd ("Atoll"), a Singapore-based electric vehicle (EV) rental company. This investment marks a significant milestone in Ryde's commitment to sustainable urban transportation and positions the Company to capitalize on the growing EV market in Singapore.","length":581,"tagName":"p"},{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":"Ryde Group","className":"","disableSlideshowImg":false,"size":{"original":{"width":1200,"height":825,"url":"https://media.zenfs.com/en/accesswire.ca/c3cbe1ff70994d9ee4b5ee526da1c476"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/_Wzd7VK6mDvbxyAGfc8zOg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY2MDtjZj13ZWJw/https://media.zenfs.com/en/accesswire.ca/c3cbe1ff70994d9ee4b5ee526da1c476","width":960,"height":660},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/emVpd4t1xRDeL.YQPLTdxQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD0xNjUwO2NmPXdlYnA-/https://media.zenfs.com/en/accesswire.ca/c3cbe1ff70994d9ee4b5ee526da1c476","width":1200,"height":825}}},{"type":"text","content":"Ryde's investment in Atoll, which operates a fleet of close to 100 fully electric BYD vehicles, comes as the city- state ramps up its transition to a low-emission transport ecosystem, including a plan to roll out 60,000 EV charging points and phase out internal combustion engine (ICE) vehicles by 2040.","length":307,"tagName":"p"},{"type":"text","content":"Strategic Entry: Capitalizing on the EV boom in Singapore","length":57,"tagName":"p"},{"type":"text","content":"Singapore's EV market is projected to reach USD 564 million by 2030, growing at a compound annual growth rate (CAGR) of 27.46%, according to industry forecasts. Government incentives, rising environmental awareness, and new infrastructure developments are all fueling demand - a trend Ryde is clearly intent on riding.","length":322,"tagName":"p"},{"type":"text","content":""This acquisition represents an exciting next step in our journey toward building a cleaner and smarter mobility future in Singapore," said Ter...