🚗 Ryde Acquires 40% Stake in Atoll
- What happened: Ryde Group (NYSE: RYDE) has acquired a 40% strategic stake in Atoll Discovery, a Singapore-based EV rental company that operates nearly 100 BYD electric vehicles stocktitan.net+7stocktitan.net+7gurufocus.com+7.
- Strategic reasoning:
- Singapore’s EV market is projected to reach USD 564 million by 2030, growing at a ~27.5% CAGR stocktitan.net+1gurufocus.com+1.
- Singapore aims to deploy 60,000 charging points and fully phase out combustion engines by 2040 finance.yahoo.com+3stocktitan.net+3gurufocus.com+3.
- RydeGreen alignment:
- Launched December 2024, the RydeGreen initiative plans to deploy 1,200 EVs by 2027, backed by a USD 1 million green bonus for drivers stocktitan.net+1gurufocus.com+1.
- The Atoll investment accelerates this by granting Ryde strategic access to a ready-made EV fleet—without the capital burden of direct ownership stocktitan.net+7stocktitan.net+7gurufocus.com+7.
- Management & partnership:
- Atoll, founded in 2017 and led by veteran Steven Kwek, already partners with Singapore Electric Vehicles (SEV) and other key platforms stocktitan.net+1gurufocus.com+1.
- The non-controlling stake mitigates operational risk while preserving upside exposure business.mammothtimes.com+2stocktitan.net+2business.inyoregister.com+2.
- Market reaction:
- RYDE stock jumped roughly +147% intraday, reflecting investor enthusiasm stocktitan.net+3business.inyoregister.com+3business.mammothtimes.com+3.
✅ Bottom Line
Ryde’s deal isn’t just a financial investment—it’s a strategic enabler. By partnering with an established EV fleet provider, Ryde strengthens its green mobility strategy, deepens ecosystem integration, and positions itself to scale EV adoption in Singapore—all with reduced capital and operational exposure.