Ryde Group Ltd (NYSE:RYDE) is expanding into electric-vehicle rentals in Singapore, aiming to meet the growing demand for lower-emission transportation and broaden its mobility and quick-commerce platform.
Ryde said the move tracks with faster EV adoption in Singapore, supported by government policy and mounting corporate ESG goals.
The company plans to leverage its existing driver base and operational backbone to launch the rental offering, framing it as both a new revenue stream and a step toward sustainable mobility.
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Ryde said it is working with Guan Chao Holdings Ltd and Singapore Electric Vehicles Pte Ltd to secure access to up to 400 EVs within six months through a call option arrangement.
The company said the structure is designed to provide priority vehicle supply, fleet pricing benefits, and flexible financing options.
Ryde said it will comply with Singapore's Land Transport Authority guidelines and follow EV charging safety standards as it expands the rental operation.
"This strategic expansion into the EV rental market demonstrates Ryde’s commitment to sustainable growth and innovation," said Terence Zou, Founder, Chairman, and CEO of Ryde.
He said broader access to EVs can reduce costs for drivers and improve trip economics, while also supporting long-term value creation for shareholders.
Related Workforce Efforts
Ryde has also highlighted training programs aimed at expanding driver-partners' opportunities beyond platform work. In a separate update, the company pointed to facilities and security upskilling as a pathway for eligible participants to add credentials and expand career options.
RYDE Price Action: Ryde Group shares were unchanged at $0.46 during premarket trading on Wednesday, according to Benzinga Pro data.
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