New Driver-Partner Pool, Corporate Contracts and Bonus Incentives to Boost Ryde’s Revenue Streams
SINGAPORE / ACCESS Newswire / July 11, 2025 / Ryde Group Ltd (NYSE American:RYDE) (“Ryde” or the “Company”), a leading technology platform for mobility and quick commerce in Singapore, is making a strategic move into Singapore’s ultra-premium electric vehicle (EV) market with the planned launch of RydeLUXE 6, a premium electric vehicle and plug-in hybrid electric vehicle (PHEV) service targeting Singapore’s rapidly expanding ultra-luxury transport market.
The initiative is being rolled out in partnership with Atoll Discovery Pte Ltd (“Atoll”), following Ryde’s recent acquisition of a 40% stake in the fleet operator. The partnership gives Ryde direct access to Atoll’s GAC E9 PHEV fleet – and the high-value corporate clients that come with it.
Strategic Outlook: Addressing Singapore $6.4 billion mobility opportunity
Singapore’s shared mobility sector is projected to reach US$6.4 billion by 2040, with a rapidly growing ultra-premium segment that remains largely underserved by traditional ride-hailing platforms.
A key growth area within this space is the ultra-premium and luxury mobility segment, which includes chauffeur-driven electric vehicles and high-end concierge rides. This segment offers high-margin opportunities and is expected to drive a meaningful uplift to Ryde’s topline – with the potential to contribute up to 10% of total revenue by 2027.
This segment is fueled by:
Over 333,000 millionaires (households with net worth ≥ US$1 million).
Growing executive and hospitality transport demand.
An increasing shift toward zero-emission vehicles under the Singapore Green Plan 2030.
The GAC E9 is a luxury plug-in hybrid (PHEV) six-seater vehicle that delivers up to 136 km of pure electric driving range (CLTC) and a total combined range of over 1,000 km when factoring in its petrol engine. It supports DC fast charging, reaching 20-80% charge in approximately 30 minutes. Designed for quiet, comfortable executive transport, the GAC E9 will serve as the flagship model for the upcoming launch of RydeLUXE 6 fleet – catering to the needs of Singapore’s growing population of high-net-worth individuals and corporate travellers.
Strategic Fleet Expansion and Driver Integration
Under the partnership, Atoll will double down its GAC E9 fleet by the end-2025, scaling to 100 units by the end of 2026. All GAC E9 driver-partners will join Ryde’s RydeLUXE 6 network, immediately expanding premium service capacity.
The GAC E9 is already operational across China and ASEAN markets for hotel transfers and VIP transport – reinforcing its relevance in Singapore’s hospitality and executive segments.
Enhanced Driver-Partner Value Proposition
The upcoming launch of RydeLUXE 6 program is designed to unlock premium earning potential and greater income stability for Ryde’s driver-partner community through a differentiated offering:
Preferential leasing rates: Driver-partners leasing the GAC E9 will enjoy preferential rental rates at ~S$4,200/month.
Bonus Incentives: Monthly bonus incentives of up to S$300, co-funded by Ryde and Atoll, will reward RydeLUXE 6 job completions
Ryde will route bookings from Atoll’s corporate transport contracts – including hotel-to-airport transfers and executive rides – through the Ryde app, offering consistent job flows and higher income potential.
Leadership Vision and Market Positioning
“Atoll’s premium EV fleet and their corporate transport contracts unlock immediate monetisation opportunities for Ryde,” said Terence Zou, Founder, Chairman and CEO of Ryde Group. “This is more than a partnership – it’s an engine for sustained high-margin growth. RydeLUXE 6 with GAC E9 is the next frontier in our vision to own the premium sustainable mobility space in Singapore.”
Steven Kwek, Director of Atoll, added: “We have spent the last four years refining our operational model and cultivating corporate relationships. With Ryde, we now have the platform to scale our premium EV services while directly benefiting Singapore’s luxury and executive travel market.”
Long-Term Vision and Regional Play
The initiative aligns with Ryde’s RydeGreen program, supporting Singapore’s Green Plan 2030 goal to electrify 50% of the local vehicle population by 2030.
Backed by its 0% driver commission model, Ryde’s super mobility app is uniquely positioned to create value in the evolving EV economy. Partnering with Atoll and SEV, Ryde is building an integrated ecosystem of fleet leasing, booking, and infrastructure – laying the groundwork for scalable EV adoption and future regional expansion.
As EV momentum grows across Southeast Asia, Ryde is positioned not only to lead in sustainable mobility at home, but also to replicate this high-margin, asset-light model in adjacent markets.
About Ryde Group Ltd
Ryde, a homegrown super mobility app founded in Singapore, is the world’s FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE American, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take 0% commission, ensuring that more of every hard-earned dollar goes to drivers on our platform. For more information, please visit https://rydesharing.com/ to learn more.
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FORWARD-LOOKING STATEMENTS
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SOURCE: Ryde Group
