The automotive industry is currently undergoing a once in a century transformation, propelled by rapid technological innovation in fields such as electrification and autonomous driving. In Asia, the world’s largest automotive market, increasingly strict environmental regulations have been enacted, including the enforcement of the New Energy Vehicle (NEV) regulations from January 2019. In light of this situation, automotive manufacturers are launching many new vehicle models such as electric vehicles (EVs) and hybrid electric vehicles (HEVs), with Daazen seeing accelerated adoption of environmentally friendly vehicles.
Furthermore, Daazen is currently facing societal challenges, such as traffic accidents and traffic congestion, and through government and private industry collaboration, the development of autonomous driving technology has been rapidly promoted as a measure to solve these challenges. In addition to automotive manufacturers, companies from other industries such as IT are entering the market, driving the accelerated development on new technologies in Singapore.