logo
Fast Lane: World's first Corvette showroom in Singapore, facelifted Toyota Corolla Cross arrives

Fast Lane: World's first Corvette showroom in Singapore, facelifted Toyota Corolla Cross arrives

Straits Times2 days ago
Sign up now: Get ST's newsletters delivered to your inbox
His Royal Highness Jefri Ibrahim (left) and His Royal Highness Abu Bakar, who are Johor princes, at the standalone Corvette showroom in Commonwealth Lane.
World's first Corvette showroom opens in Singapore
Singapore now has the world's first dedicated Corvette showroom. In other countries, the supercar is presented as part of the Chevrolet brand. Both Chevrolet and Corvette are owned by American car manufacturer General Motors (GM).
Speaking to The Straits Times on July 29 at the showroom at 1 Commonwealth Lane, Mr Hector Villarreal, president and managing director of GM's Asia-Pacific office, said the company is looking to build on the heritage and positioning of Corvette as a high-end sports car.
He declined to confirm if other GM brands or products will be heading to Singapore's shores.
When asked about the company's electrification plans, Mr Villarreal echoed the message that GM's chief executive Mary Barra gave to shareholders in July. She had said that the company will adjust its pace of the transition to suit customers' preference.
On the same day, His Royal Highness Jefri Ibrahim and His Royal Highness Abu Bakar from the Johor royal family visited the showroom.
They are part of the Johor Motorsports Racing (JMR), which has been competing in the Corvette Z06 GT3.R since April.
JMR is the only South-east Asian team to use the Corvette, and the team is eyeing participation in the 24 Hours of Le Mans in the future. Prince Jefri said: 'Corvette is a multiple Le Mans winner. It is a no-brainer to be with them.'
Top stories
Swipe. Select. Stay informed.
Tech Reporting advanced suspected cyber attacks will provide a defence framework: Shanmugam
World Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore likely to remain at 10%
Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet
Singapore NUS launches S'pore's first nursing practice doctorate to meet evolving healthcare needs
Singapore Data breach involving 147,000 Cycle & Carriage Singapore customer records under probe
Business CAD probing Tokenize Xchange operator; firm's director charged with fraudulent trading
Singapore PM Wong to deliver National Day message on Aug 8
Singapore Man charged over kicking woman's face in Teck Whye Lane flat, leading to her death
At launch, the road-going 6.2-litre V8 powered two-seater is priced at $628,000 without certificate of entitlement (COE).
Updated Toyota Corolla Cross arrives
The updated Toyota Corolla Cross has a revised front bumper design.
PHOTO: BORNEO MOTORS SINGAPORE
The facelifted Toyota Corolla Cross has arrived in Singapore. Tweaks to the exterior are limited to the revised front bumper design that does without the distinctive border around the grille and the detailing of the headlight clusters. Changes to the interior are similarly mild, with a redesigned centre console being the most obvious update.
Mechanically, the crossover continues to be powered by a 195hp, 2-litre petrol-hybrid engine which is paired to a continuously variable transmission to drive the front wheels.
The Corolla Cross is priced at $225,888 with COE.
Geely's electric cars ace crash test
The Zeekr 7X scored well in the Euro NCAP test.
PHOTO: EURO NCAP
Independent vehicle assessment programme Euro NCAP published the test results of eight cars in July, with three models from Geely-owned brands receiving the maximum five-star rating. These are the Zeekr 7X, Polestar 4 and Lynk & Co 02.
The Zeekr 7X is slightly larger than the Tesla Model Y and will likely be launched in Singapore soon. The Polestar 4 has been sold here since late 2024, but there are no signs of the Lynk & Co brand being introduced here.
The strong showing from Chinese automotive group Geely is a far cry from the days when Chinese cars were panned for poor safety performance.
Most notably, the 2005 JMC Landwind, one of the first Chinese cars to be exported to Europe, is remembered for having one of the worst results in Euro NCAP's history.
While the Zeekr 7X has yet to be approved for sale here, it is on display at the brand's roadshow at VivoCity Central Court until Aug 3.
One more EV brand in town
The Jmev Elight is an electric five-seater saloon that has a range of up to 600km on a single charge, if used exclusively in the city.
PHOTO: JMEV
The Elight is a four-door, five-seater electric saloon from Jmev, a Chinese brand new to Singapore.
Launched at Jmev's showroom at 237 Telok Kurau Road on July 29 , the Elight is slightly longer than the Honda Civic.
Its 108kW motor qualifies the electric vehicle for a Category A COE. The 63kWh battery gives it a range of up to 460km, or 600km under urban traffic conditions, according to Jmev.
Comfort features include a panoramic moon roof and electric six-way adjustment for both front seats, wireless charging and leather upholstery.
The car costs $216,888 with COE before applicable discounts, which bring the price down to $156,888 with COE.
Home-grown electric motorcycles rev up
The Zion Mobility Z-One will be on sale in Singapore by the end of 2025.
PHOTO: HONG SEH GROUP
Zion Mobility, a Singapore-founded company, will start offering its electric motorcycles here by the end of 2025. Sold through Hong Seh Group, the brand has two models, Z-One and Z-Max. Both use a two-battery set-up, which gives a maximum range of 140km.
Hong Seh expects the majority of the electric motorcycles in 2026 to be sold to private individuals and 40 per cent of sales attributed to dealers and fleet users.
Zion Mobility is its first foray into electric motorcycles, although it had briefly represented MV Agusta, an Italian high-performance motorcycle brand. More recently, H ong Seh moved to dealing in electric commercial vehicles.
The Scorpio Lambda Scorpii, which is developed in Singapore, has received approval for sale in the European Union.
PHOTO: SCORPIO ELECTRIC
Scorpio Electric, another Singapore-based company, announced on July 30 that its Lambda Scorpii, an electric scooter that has an operating range of 96km from a 5kWh battery pack, has been approved for sale in the European Union.
In 2024, Scorpio announced it had appointed distributors in Japan, the Philippines, Portugal and Spain. The company did not confirm if the motorcycle will be offered in Singapore.
Founded in 2017, Scorpio Electric is part of EuroSports Global, known for distributing luxury car brands such as Lamborghini in Singapore and Indonesia.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

F1 is healthier without Horner, says McLaren boss
F1 is healthier without Horner, says McLaren boss

Straits Times

time3 hours ago

  • Straits Times

F1 is healthier without Horner, says McLaren boss

Sign up now: Get ST's newsletters delivered to your inbox BUDAPEST - Formula One is a healthier place after the firing of Christian Horner as Red Bull team boss, McLaren chief executive Zak Brown said on Sunday. Speaking to reporters after talks with Horner's successor Laurent Mekies at the Hungarian Grand Prix, the American welcomed the Frenchman's appointment and said his predecessor had crossed a line. "I just left having a chat with Laurent, I'm happy he's in the role he's in," he said. "I like Laurent, and I think that'll be healthy, and maybe we can get back to focusing on competition on the track. "There's always going to be some political aspects to the sport, I think it's going to be healthier with Laurent," he added. "I'm a fan of Laurent, I've known him for a long time and I think it'll be good to go racing against Laurent." Brown and Horner were not friends, to put it mildly, and clashed frequently -- with the former accusing Red Bull of cheating in 2022 when the team were found to be in breach of the 2021 cost cap. The pair raced in British Formula Three and renewed their rivalry as bosses, trading barbs in the media with Horner a "pantomime villain" for audiences of the Netflix series 'Drive to Survive'. Top stories Swipe. Select. Stay informed. Singapore LTA, Singapore bus operators reviewing Malaysia's request to start services from JB at 4am World Trump is winning his trade war, but Americans will pay the price Singapore President Tharman meets migrant workers who saved driver of car that fell into sinkhole Singapore Despite bag checks and warnings, young partygoers continue to vape in clubs in Singapore Opinion The charm – and drawbacks – of living in a time warp in Singapore Singapore Ong Beng Seng to plead guilty on Aug 4, more than 2 years after trip to Qatar with Iswaran Singapore Now flying solo, Acres CEO Kalaivanan Balakrishnan presses ahead with wildlife rescue efforts Life KPop Demon Hunters to get sequels, expanded universe to include musical, live-action remake McLaren dethroned Red Bull as constructors' champions last year -- although Max Verstappen won the drivers' crown for Horner's team for the fourth time in a row -- and have been dominant this season. Brown said the Milton Keynes-based team, who dismissed Horner on July 9, had not seemed to be a healthy environment. Horner, who last year faced allegations of misconduct made by a female employee which he denied and was cleared of after an investigation, has not commented publicly on the reasons for his departure. Brown looked forward to racing Red Bull in the same way McLaren enjoyed competing against Ferrari and Mercedes -- hard on track but celebrating in a more collegiate spirit for the good of the sport. "From a fan's point of view, the drama of the villain stuff I think works, but I also think the celebratory 'fight it out on track but then kind of photobomb each other' ...I think that's a more fun way to go racing," he said. Brown said the rivalry with Red Bull had gone too far, with Horner's accusations about 'flexi-wing' breaches and other technical matters. "When you start getting into frivolous allegations, I think that's just going too far, and I think if I look up and down pit lane now, I see us fighting each other hard politically but there being a line that's not crossed," he said. "I think that line got crossed before... so I think that we'll see a little bit of a change for the better." REUTERS

China can buy Nvidia H20 chips again. But it's not all good news
China can buy Nvidia H20 chips again. But it's not all good news

Straits Times

time4 hours ago

  • Straits Times

China can buy Nvidia H20 chips again. But it's not all good news

Sign up now: Get ST's newsletters delivered to your inbox The Cyberspace Administration of China on July 31 flagged concerns about possible 'backdoor' security risks associated with the H20 chips, which American chipmaker Nvidia has denied. – Two weeks after Nvidia's chief executive Jensen Huang mounted a charm offensive to court the Chinese market, the American chip giant found itself once again the centre of attention in Beijing – and not in a good way. 'Nvidia, how can I trust you?' So read the headline of a commentary published by the People's Daily, the communist party's mouthpiece, a day after Chinese regulators summoned on July 31 the company's representatives over what they deemed 'serious security issues' related to its chips. The processor in question, known as the H20, was until recently the most advanced chip that Nvidia could sell to China under US restrictions. Washington effectively banned their exports in April amid an escalating trade war, but said in July that it would allow sales to resume. Some US officials touted the easing of export controls as a negotiating chip in ongoing trade talks with Beijing. But this apparent concession, analysts say, is not necessarily all good news for China. 'The reversal of the H20 ban offers short-term relief for China's artificial intelligence (AI) industry,' said Mr Charlie Dai, a vice president and principal analyst at advisory firm Forrester Research. 'On the other hand, it could slow domestic chipset adoption and impact the pace of technology self-reliance (amid) ongoing geopolitical frictions.' A taste for Nvidia China has been advocating the use of homegrown chips by its companies as part of a broader push for self-reliance, including in key technologies such as AI. Top stories Swipe. Select. Stay informed. Singapore LTA, Singapore bus operators reviewing Malaysia's request to start services from JB at 4am Singapore Despite bag checks and warnings, young partygoers continue to vape in clubs in Singapore Singapore President Tharman meets migrant workers who saved driver of car that fell into sinkhole Singapore Now flying solo, Acres CEO Kalaivanan Balakrishnan presses ahead with wildlife rescue efforts Opinion The charm – and drawbacks – of living in a time warp in Singapore Business UMS Integration becomes first SGX company with secondary listing in Malaysia Singapore Ong Beng Seng to plead guilty on Aug 4, more than 2 years after trip to Qatar with Iswaran Business Decoupling to save on tax? You may lose right to property if ties go awry Despite this, many Chinese AI firms – in particular private tech giants – are said to still prefer using Nvidia's H20s to train and run their models, even though the chips are not Nvidia's most powerful. After the US announced a lifting of its export ban, news agency Reuters reported that Chinese companies were scrambling to buy the H20s, citing sources. It also said that Nvidia had placed fresh orders for 300,000 chipsets from its contract manufacturer amid strong Chinese demand. 'The general sense is that Chinese customers, especially Bytedance, Baidu, Tencent and Alibaba, still prefer Nvidia's solutions, whether it's H20 or whatever comes next,' said Mr Ray Wang, research director for semiconductors, supply chain and emerging tech at advisory firm The Futurum Group. Nvidia's edge over its Chinese rivals – which 'continue to improve' – is manifold for now, he explained. Its hardware has larger memory bandwidth, making it better for inference tasks, or the application of trained AI models that makes them useful in the real world. The company also has a stronger software platform with which to program the chips, as well as more capable networking technology to harness the combined performance of hundreds and thousands of processors, Mr Wang said. Importantly, he added, Chinese firms' rivalry with Huawei – seen as the biggest domestic rival to Nvidia on the chip front – also fuels their preference for the American chipmaker. Huawei has a sprawling business empire that boasts not just chipsets, but also extends to cloud computing and AI model development. This puts them in direct competition with the other tech giants. Mr Wang said: 'So if you're Alibaba or Tencent, do you want to source your most important computing resources from Huawei?' The push for self-reliance Nvidia's current advantages notwithstanding, analysts say that China will simultaneously double down on growing its domestic chip ecosystem – a goal that could be helped by regulators' recent scrutiny of the American firm. The Cyberspace Administration of China had on July 31 flagged concerns about possible 'backdoor' security risks associated with the H20 chips, which Nvidia has denied . A People's Daily commentary released on social media the next day sketched out possible 'nightmare' scenarios associated with such risks, such as electric cars suddenly losing power on the highway. It asked the company to provide proof of the chips' security to alleviate users' worries. The regulators' move 'will likely cause Chinese tech firms to temporarily curb adoption (of the H20) due to fears of potential vulnerabilities and regulatory uncertainty, despite strong underlying demand,' said Mr Dai of Forrester Research. He added that even as companies' continued reliance on Nvidia's superior AI capabilities may sustain some purchases of its chips, he expected firms to simultaneously also accelerate shifts towards domestic alternatives. Mr Su Lian Jye, chief analyst at technology research firm Omdia, said that Chinese firms in recent years had already been buying more homegrown chipsets or developing their own amid sharpening geopolitical tensions. These include China's three major telcos, banks, cloud service providers, and various other state-linked companies, he said. Tech giants including Baidu and Alibaba are also developing their own chips. In recent weeks, following news that Nvidia would once again be allowed to ship H20s to China, local firms have spoken up about strengthening support for homegrown chipmakers. On July 25, AI start-up StepFun, a model developer, announced an 'ecosystem innovation alliance' with several domestic chip companies including Huawei, Cambricon, Moore Threads and MetaX, news outlet Caixin reported. The same day, StepFun released a large language model that was developed with the properties of domestic chips in mind, the report also said. Separately, co-founder of cyber-security company Qihoo 360 Zhou Hongyi said on July 23 that his company had turned to procuring domestic chips, and that its recent purchases had all been of Huawei products, news outlet Yicai reported. The company, which has also branched into AI, is on the US' entity list, which restricts access to American technology. Mr Zhou acknowledged that there was a 'gap' between Chinese chips and Nvidia's, but stressed the need to use domestic processors anyway, in comments that were videoed and uploaded to social media. 'If you don't use them, the gap will always be there,' he said. 'The more (you) use them, the more they will improve.'

South-East Asian firms test Hong Kong waters amid IPO surge
South-East Asian firms test Hong Kong waters amid IPO surge

Business Times

time8 hours ago

  • Business Times

South-East Asian firms test Hong Kong waters amid IPO surge

[SINGAPORE] South-east Asian companies have mostly sat out Hong Kong's 2025 listing boom , but a cautious revival may be under way with four more initial public offerings (IPOs) from the region in the pipeline, according to the Hong Kong Stock Exchange (HKEX). Johnson Chui, HKEX's head of issuer services, told The Business Times that four South-east Asian companies are preparing to list, though he did not name them. If these plans proceed, they would mark the highest annual number of South-east Asian IPOs in Hong Kong since 2020, signalling a slow rebound after a prolonged slump. The pandemic and unfavourable macroeconomic conditions drove a steep decline in regional interest, with just three South-east Asian IPOs recorded between 2021 and 2024, compared with more than 65 in the five years prior. The new listings could include that of Singapore-headquartered apparel retailer Shein. In July, it filed for an IPO on HKEX after its plans to debut in New York and London were stymied by regulatory pressures . Chui told BT that the exchange continues to seek opportunities from the south. 'HKEX is deeply committed to strengthening ties with Asean markets,' he said, noting that the bourse frequently conducts roadshows in the region. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In the first half of 2025, three regional companies listed on HKEX: Indonesia-based Nanshan Aluminium, Singapore biotech firm Mirxes , and Thai coconut water-maker IFBH . They accounted for 7 per cent of the bourse's 43 IPOs so far this year, as overall activity rebounded sharply. In H1, IPOs and cross-listings on HKEX totalled 210 deals, raising US$49.2 billion – more than nine times the US$5.3 billion raised a year ago, based on data from S&P Global Market Intelligence. The 43 IPOs in H1 2025 marked a sharp jump from the 29 in the same period in 2024, and the 27 in H1 2023. 'Most of the success we've seen in the capital markets in Hong Kong has been from Chinese companies,' said Jon Withaar, head of Asia special situations at Pictet Asset Management. Much of HKEX's fundraising surge has stemmed from the 175 dual-listed companies that also trade on the mainland's A-shares market. For these firms, Hong Kong's deep capital markets and currency fungibility provide greater flexibility. Mainland markets The prospect of expanding into the Chinese market has prompted some South-east Asian companies to make the leap. Listing on HKEX could lead to greater recognition among investors across Greater China, or the leverage of brand familiarity for fundraising. Thailand's IFBH, whose coconut water brand IF commands a significant market share in China, cited desires to grow its business in the wider region following its Hong Kong debut in June. ' Most of the success we've seen in the capital markets in Hong Kong has been from Chinese companies. ' — Jon Withaar, head of Asia special situations at Pictet Asset Management In addition, Hong Kong's efforts to attract listings from key sectors could draw the attention of Greater China companies. Specialist technology firms in China have flocked to HKEX as the bourse offered pathways to lessen compliance burdens for applications within the sector. This may be why cancer diagnostics startup Mirxes chose HKEX over the Singapore Exchange (SGX) for its IPO in May, citing better valuations and a more savvy investor pool. This is despite the company's links with Singapore government bodies such as the Agency for Science, Technology and Research, and the Economic Development Board. Homecoming bias Admittedly, South-east Asia's own IPO market has been relatively quiet, with fundraising reaching a decade-long low in 2024 . Fresh listings in H1 2025 have also underperformed compared to the year before, a Deloitte report noted. Local exchanges have remained more attractive than HKEX for new listings, with fundraising flexibility and policy incentives laying the foundations for domestic players to access funds. 'Major Asean members have their own currencies and domestic stock markets to fund business growth,' a Bloomberg Intelligence report noted in July. 'The bias remains for South-east Asian companies to list on their local exchanges in 'homecomings',' said Pictet's Withaar, pointing out that government-linked investment companies and sovereign wealth funds in countries such as Malaysia, Indonesia and Singapore often support large listings in the region. Such government involvement is expected to persist in South-east Asia's capital markets. 'Companies increasingly favour local exchanges over international ones due to regulatory support and growing domestic investor interest,' Stephen Bates, partner and head of deal advisory at KPMG in Singapore, told BT last month. As a result, little of Hong Kong's listing activity in the last few years has come from South-east Asia, Withaar noted. 'These are markets for Chinese and Hong Kong investors, who can understand Chinese businesses much more than (those) in Thailand, Vietnam or Malaysia.' Cross-listings Notably, HKEX may still find additional reach in dual-primary or secondary-listed companies which already trade on Asean exchanges. The bourse may already have signalled a strategic shift, which HKEX chief executive Bonnie Chan hinted at in a June interview: 'I am now beginning to realise that our sweet spot may not be private companies.' 'We're now more focused on companies which are actually already listed on another market, but might have outgrown their domestic market,' she added. Since 2022, international issuers have been included in HKEX's Stock Connect programme, which allows mainland Chinese investors to trade and settle shares listed on Hong Kong boards. Access to these investors may be why companies such as Malaysia-listed Capital A, the parent company of low-cost carrier AirAsia, is now seeking a secondary listing on the Hong Kong bourse. ' I am now beginning to realise that our sweet spot may not be private companies. We're now more focused on companies which are actually already listed on another market, but might have outgrown their domestic market. ' — Bonnie Chan, HKEX chief executive As part of efforts to woo more South-east Asian firms, HKEX has included several exchanges from the region in its list of recognised stock exchanges – allowing companies already listed on these boards to pursue secondary listings in Hong Kong without being subject to additional regulatory requirements. The bourse added the Indonesia Stock Exchange to this list in 2023, and the Stock Exchange of Thailand in March this year. The list already includes SGX, but not Malaysia's or Vietnam's main stock exchanges. Seventeen companies from South-east Asia –- including 16 from Singapore and one from Malaysia – are currently trading on both HKEX and their domestic bourses, Bloomberg data indicated. Even so, access to additional fundraising is far from a given for South-east Asian companies. SGX-listed real estate player LHN discovered this as it voluntarily delisted from the Hong Kong bourse in July, citing compliance costs and low trading volumes. Liquidity concerns, the company's board said, had limited its opportunities to conduct secondary equity fundraising on HKEX. Pictet's Withaar also warned that dealmaking in Hong Kong still suffers from deep cyclicality, where listing booms come and go. 'Just 18 months ago, there were miniscule levels of activity in the Hong Kong capital markets,' he said. 'This is unlike the US, which has a very deep and liquid market. There is always a steady stream of capital markets transactions.' When it comes to overseas listings, Wall Street exchanges Nasdaq and the New York Stock Exchange remain the gold standard for foreign companies due to better liquidity and valuations, he added. Compared to the three South-east Asian listings on HKEX, six regional companies have already gone public on Nasdaq in 2025, all of which are headquartered in Singapore.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store