Ryde Group Ltd. announced a new electric‑vehicle (EV) rental service in Singapore, building on its existing mobility platform and logistics network to offer short‑term rentals of EVs. The move is positioned to capture the growing demand for sustainable transportation as the city‑state pushes for greener mobility solutions and corporate ESG initiatives. The expansion is part of a broader strategy to diversify revenue streams and strengthen Ryde’s foothold in Singapore’s high‑value mobility segment.
Ryde’s financials underscore the urgency of the expansion. For the six months ended June 30 2025, the company generated S$5.7 million in revenue, up 31% year‑on‑year, but posted a net loss of S$4.81 million, a sharp decline from a S$13.53 million loss a year earlier. Operating and net margins were –96.26% and –95.83%, respectively, and the Altman Z‑Score of –8.91 signals a high probability of bankruptcy within two years. To shore up capital, Ryde completed a private offering of 33,334,000 Class A shares at US$0.36 on December 9, 2025, raising additional funds for the expansion.
The EV rental strategy is anchored by two recent moves. On June 18, 2025, Ryde acquired a 40% stake in Atoll Discovery, a specialist EV‑rental firm, giving it immediate access to a fleet and operational expertise. In July 14, 2025, the company launched RydeLUXE 6, a premium service featuring luxury EVs and plug‑in hybrids, targeting the ultra‑premium mobility segment and aiming to generate higher margins. These initiatives are designed to accelerate Ryde’s transition from a ride‑hailing platform to a diversified mobility provider.
Singapore’s EV push provides a supportive backdrop. The government aims to phase out internal‑combustion vehicles by 2040 and is expanding charging infrastructure under schemes such as the Vehicular Emissions Scheme and the EV Early Adoption Incentive. ESG considerations are increasingly central to corporate strategy, and Ryde’s entry into EV rentals aligns with both regulatory incentives and investor expectations for sustainable growth.
Management emphasized the strategic importance of the expansion. Founder, Chairman and CEO Terence Zou said the move “demonstrates Ryde’s commitment to sustainable growth and innovation” and that broader access to EVs “can reduce costs for drivers and improve trip economics.” Zou added that RydeLUXE 6 “is an engine for sustained high‑margin growth” and that the company is “focused on owning the premium sustainable mobility space in Singapore.” While the company faces significant financial headwinds, the EV rental initiative is intended to create new revenue streams and improve profitability over the long term.
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