GrabRentals EV
CPO Partnership Strategy

David Yuen | Associate, Rentals Partnership | Case Study | March 2026

A utilisation-for-rates partnership makes EV cheaper than ICE for every Grab driver

$115.48

EV daily cost

vs

$122.41

ICE daily cost (Caltex 29%)

→

+$208/mo

Driver take-home improvement

The Problem

EV full P&L at market rates = $135.24/day vs ICE full P&L = $122.41/day. Gap: $12.83/day. Existing EV discounts (15-20%) close only ~$6/day -- a utilisation-for-rates exchange is required.

The Solution -- Two Levers

Lever 1 · AC Fleet Rate

-$9.76/day

$0.68 → $0.40 (41% off). CPOs keep 27% gross margin on guaranteed overnight fleet volume.

Lever 2 · Rental Reduction

-$10.00/day

$100 → $90. Helps meet Grab's 2,000 EV fleet ambitions by Q4'28.

CPO Partnership Design

4 CPOs (SP, Charge+, Shell, Strides) at $0.40 AC -- volume by driver geography, DC at market $0.73. CDG excluded (direct competitor). 4 leverage strategies beyond rate: first-mover, Grab's 187M downloads, CDG counter-position, off-peak incentive.

The Case In Numbers

Driver Impact

+$6.93/day

+$208/month take-home: $0.76/day fuel saving + $6.40/day maintenance saving - $0.23/day downtime.

Fleet Volume

26.8 GWh

Annual CPO commitment

Fleet Rate

$0.40/kWh

41% off $0.68 market · 4 CPOs

GrabRentals Gain

+$59,540

Net lifetime advantage per EV

CPO Margin

27%

Preserved at $0.40 · viable deal

What must be true for this to work

①

EV rental at $90/day

+$10/day premium over ICE $80 — helps meet Grab's 2,000 EV fleet ambitions (by Q4'28).

②

AC fleet rate at $0.40/kWh

41% off $0.68 market -- CPO keeps 27% gross margin on guaranteed overnight volume.

③

95%+ overnight AC charging

The $0.33/kWh AC/DC gap makes this the rational driver choice -- no enforcement needed.

01

The Problem

Understanding the real daily cost gap between ICE and EV for Grab driver-partners. The market rate comparison is misleading -- Grab's existing fuel discounts change everything.

Grab drivers pay $106/day for ICE, not $117 -- existing 29% fuel discounts set the real bar

At $3/L petrol, Grab's 29% Caltex discount brings ICE to $106.03/day -- the real benchmark EV must beat.

Daily Cost Calculation	ICE	EV
Rental	$80.00/day	$100.00/day
Fuel / Charging cost	$36.67 (12.22L × $3.00)	$25.03 (34.84kWh×$0.68 + 1.83kWh×$0.73)
Total (w/o discounts)	$116.67/day	$125.03/day

But Grab drivers get fuel discounts -- what does ICE really cost?

Fuel Partner	Discount	Effective Petrol Price	ICE Daily Cost
No discount	0%	$3.00/L	$116.67
Shell (GrabFinance card)	23.5%	$2.30/L	$108.05
Caltex (GrabRentals drivers)	29%	$2.13/L	$106.03 ← the real bar

THE PROBLEM: Existing Grab EV discounts range 15-20% across CPOs -- but even the best-case scenario (Charge+ 18% off $0.63 = $0.52/kWh) gives EV $119.07/day, still $13.04+ above ICE Caltex ($106.03). SP's 20% off $0.70 = $0.56/kWh is worse. Closing the gap through charging discounts alone is insufficient. A fundamentally different approach is needed.

Daily Operating Cost Comparison ($/day)

- - - ICE Caltex benchmark: $106.03/day

$106.03 ICE Caltex

$116.67

$108.05

$106.03 ★

$125.03

$119.07

ICE
(no disc.)

ICE
Shell 23.5%

ICE Caltex
29% ★

EV
(no disc.)

EV
Charge+ 18%

ICE fuel: 220km ÷ 18km/L = 12.22L/day → 12.22L × $3.00/L = $36.67/day. Sources: 220km, 18km/L, $3.00 (case annex).
ICE total (no disc.): $80 (rental) + $36.67 (fuel) = $116.67/day
ICE Caltex: $80 + 12.22L × $3.00 × (1−29%) = $80 + $26.03 = $106.03. Source: 29% (grabdriverbenefits).
ICE Shell: $80 + 12.22L × $3.00 × (1−23.5%) = $80 + $28.05 = $108.05. Source: 23.5% (GrabFinance).
EV energy: 220km ÷ 6km/kWh = 36.67kWh/day. 95% AC at $0.68 (HDB CPO median) + 5% DC at $0.73 = $25.03/day. Sources: HDB rate (MOT parliamentary reply), DC rate (LTA DataMall live API).
EV total (no disc.): $100 (rental) + $25.03 (charging) = $125.03/day
EV best-case disc: Charge+ 18% off $0.63 = $0.52/kWh → $100 + 36.67 × $0.52 = $119.07
SP 20% off $0.70 = $0.56/kWh → $100 + 36.67 × $0.56 = $120.54 (worse — higher base rate)
EV discounts: SP 20%, Charge+ 18%, Shell 18%, CDG 15%
Note: Caltex offers 29+2% with GRBeyond add-on ($5.09/day). Take-up data not public, but as a paid add-on, most cost-sensitive drivers likely use the base 29%. Even at 31%, ICE drops only $0.73/day — making EV more competitive, not less.
Sources: Caltex 29% (grab.com/sg/rentals). Shell 23.5% (GrabFinance). DC $0.73 = avg market rate (LTA DataMall API, March 2026). SP $0.70, Charge+ $0.63, Shell $0.68.

02

The Solution

A utilisation-for-rates platform partnership: Grab's guaranteed fleet volume transforms CPO charger economics, in exchange for fleet AC rates that make EV the rational choice for drivers. DC stays at market -- the price gap is the behavioral incentive.

Task 1: Two levers make EV cheaper to operate -- drivers take home +$6.93/day more

LEVER 1

AC Fleet Rate: $0.68 → $0.40 (41% off)

-$9.76/day

The deal: Grab guarantees 25.43 GWh/yr to AC CPOs -- overnight demand on chargers that currently sit idle. In return, CPOs give fleet AC rates at $0.40/kWh, preserving 27% gross margin.

Why CPOs accept: Guaranteed 3-year revenue, zero customer acquisition cost, zero credit risk. 90%+ HDB carparks have AC chargers -- fleet charges overnight while sleeping, zero friction.

Built-in behavioral incentive: DC stays at market ($0.73). Drivers save $0.33/kWh by choosing AC -- so they naturally charge 95%+ overnight. No enforcement needed.

LEVER 2

Rental $100 → $90

-$10.00/day

For drivers: $10/day cheaper than market EV rental ($100)

For Grab: Helps meet Grab's 2,000 EV fleet ambition by Q4'28 — the rental reduction makes EV the rational choice for drivers, accelerating ICE-to-EV transition at scale

BOTTOM LINE: Only two levers needed. Including lower maintenance (+$6.40/day) and negligible net downtime (-$0.23/day: EV 2.2 min DC - ICE 1.4 min refuel), EV drivers take home +$6.93/day = +$208/month more. The AC/DC price gap ($0.40 vs $0.73) is itself the behavioral incentive -- drivers naturally charge AC overnight because it's 45% cheaper per kWh.

Start: $100 + 34.84×$0.68 + 1.83×$0.73 = $125.03. L1 (AC disc): 34.84×($0.68-$0.40) = -$9.76
L2 (Rental): $100→$90 = -$10.00 | Total = -$19.76. Result: $125.03-$19.76 = $105.27
Check: $90 + 34.84×$0.40 + 1.83×$0.73 = $90+$13.94+$1.34 = $105.27 ✓

Driver unit economics: how +$6.93/day breaks down per ride

Slide 4 showed the two levers that make EV cheaper. Here's what that means for a driver's daily earnings -- line by line, per ride.

Today: ICE driver takes home

$37.59/day

$1,128/month

Switch to EV

+$6.93

more per day

With EV: driver takes home

$44.52/day

$1,336/month

Per-Ride P&L (~20 rides/day)	ICE	EV	Diff.	Source
Net fare after commission	$8.00	$8.00	--	$200/day ÷ 20, less 20% comm. (Grab Help Centre)
Less: Rental	-$4.00	-$4.50	-$0.50	ICE $80 vs EV $90 (proposed) ÷ 20
Less: Fuel / Charging	-$1.30	-$0.76	+$0.54	Biggest saving -- 95/5 AC/DC blend ($0.40 AC, $0.73 DC market)
Less: Downtime	-$0.02	-$0.03	-$0.01	ICE 1.4 min/day vs EV 2.2 min/day at $16.67/hr
Less: Maintenance	-$0.80	-$0.48	+$0.32	40% lower (DOE/Argonne 2021). No oil, regen braking
TAKE-HOME / RIDE	$1.88	$2.23	+$0.35	+18.6% more per ride × 20 rides × 30 days

Per ride

+$0.35

→

×20 rides/day

+$6.93

→

×30 days/mo

+$208

→

×12 months

+$2,529/yr

KEY TAKEAWAY: EV drivers take home +$6.93/day more than ICE. The advantage comes from lower fuel cost (+$0.76/day ops), lower maintenance (+$6.40/day), minus negligible net downtime (-$0.23/day: EV 2.2 min - ICE 1.4 min). Over a year, that's +$2,529 more in a driver's pocket -- the single strongest adoption lever.

Rides/day: ~20 (conservative). Sources: Shout -- 21-27 rides at 10hrs. MustShareNews -- ~30 rides at 12hrs. Per ride = daily ÷ 20. Monthly = daily × 30.
ICE fuel: 220km ÷ 18km/L = 12.22L/day → ×$3.00×(1-29%) = $26.03 | EV: 34.84kWh×$0.40 + 1.83kWh×$0.73 = $15.27
Opp. cost: $200÷12hrs = $16.67/hr (Shout, HWZ). ICE downtime: 5min÷3.7days = 1.4min → $0.38 | EV: 2.2min → $0.61
Maint: ICE $480/mo, EV $288/mo (DOE/Argonne 2021). ICE: $200-$40-$80-$26.03-$0.38-$16 = $37.59 | EV: $200-$40-$90-$15.27-$0.61-$9.60 = $44.52

Drivers would charge 95% AC overnight -- because it's 45% cheaper than DC

AC / DC split	0/100	50/50	70/30	80/20	95/5 ★	100/0	Remarks
Daily charge cost	$26.77	$20.72	$18.30	$17.09	$15.27	$14.67	Lower → cheaper
EV total P&L	$138.59	$126.43	$121.57	$119.13	$115.48	$114.27	Green = beats ICE $122.41
DC charging time	44 min	22 min	13 min	9 min	2.2 min (~2-3×/mo)	0 min	At 50kW DC charger
AC charging time	0 hrs	2.6 hrs	3.7 hrs	4.2 hrs	5.0 hrs	5.2 hrs	Overnight at 7kW HDB charger
Verdict	Fails $16.18 above ICE	Fails $4.02 above ICE	Beats ICE $0.84 below ICE	Beats ICE $3.28 below ICE	Optimal ★ $6.93 below ICE	Impractical $8.14 below ICE

WHY 95/5: With full driver P&L (including maintenance & downtime), 70/30 and above all beat ICE. The $0.33/kWh price gap between AC ($0.40) and DC ($0.73) naturally drives drivers toward 95%+ AC overnight — no enforcement needed. 95/5 is the sweet spot: $6.93/day below ICE with DC flexibility for the rare midday top-up (~2-3 DC sessions/month).

Daily energy: 220km ÷ 6km/kWh = 36.67kWh/day (case annex). AC fleet rate: $0.40/kWh (41% off $0.68 market). DC: market $0.73/kWh (no discount). Charger speed: AC 7kW, DC 50kW.
At 95/5: AC = 36.67 × 95% = 34.84kWh × $0.40 = $13.94. DC = 36.67 × 5% = 1.83kWh × $0.73 = $1.34 → total $15.27. DC time = 1.83kWh ÷ 50kW × 60 = 2.2 min. AC time = 34.84 ÷ 7 = 5.0 hrs.
At 0/100 DC (full P&L): $90 + $26.77 charge + $12.22 downtime (44 min × $16.67/hr) + $9.60 maint = $138.59 (fails vs ICE $122.41).
At 100/0 AC (full P&L): $90 + $14.67 charge + $0 downtime (AC overnight) + $9.60 maint = $114.27 (best cost, but impractical -- no DC fallback). 90%+ HDB carparks have chargers (LTA Dec 2025).
Battery: BYD Atto 3 ~60kWh (Grab-BYD 50K EV deal, Jan 2025). Consumption: 3.06 kWh/hr → full battery lasts 19.6 hours (well beyond 12-hr shift). After 12 hrs: 39% SOC remaining (23.3 kWh). Full overnight recharge: 5.2 hrs at 7kW.

Stress test: the $90/$0.40 recommendation is robust across scenarios

Each cell shows EV full daily P&L cost (rental + charging + downtime + maintenance) at a given rental (rows) × AC charging rate (columns). 95/5 AC/DC blend; DC fixed at market $0.73/kWh.

Beats ICE ($122.41) | Loses to ICE | ★ = recommendation

Rental\AC Rate	$0.40	$0.42	$0.44	$0.46	$0.48	$0.50	$0.55	$0.60
$85	$110.48	$111.18	$111.87	$112.57	$113.27	$113.96	$115.71	$117.45
$88	$113.48	$114.18	$114.87	$115.57	$116.27	$116.96	$118.71	$120.45
$90	$115.48 ★	$116.18	$116.87	$117.57	$118.27	$118.96	$120.71	$122.45
$92	$117.48	$118.18	$118.87	$119.57	$120.27	$120.96	$122.71	$124.45
$95	$120.48	$121.18	$121.87	$122.57	$123.27	$123.96	$125.71	$127.45
$100	$125.48	$126.18	$126.87	$127.57	$128.27	$128.96	$130.71	$132.45
$105	$130.48	$131.18	$131.87	$132.57	$133.27	$133.96	$135.71	$137.45
ICE Total	$122.41	$122.41	$122.41	$122.41	$122.41	$122.41	$122.41	$122.41

MARGIN OF SAFETY: Our recommendation ($90 rental, $0.40 AC, $0.73 DC market) sits at $115.48 — $6.93 below ICE. The breakeven AC rate at $90 rental is $0.60/kWh — our $0.40 target has headroom. The rental lever is the strongest safety net: at $88, EV = $113.48 even at $0.40 AC. At $85, EV = $110.48. The $85–$88 rental band provides full margin of safety. Only AC needs negotiation — DC stays at market.

Formula: EV daily P&L = Rental + (34.84kWh × AC rate) + (1.83kWh × $0.73) + $0.61 downtime + $9.60 maintenance. ICE benchmark: $122.41 (Rental + Fuel + Downtime + Maintenance).
Recommended cell: $90 + $13.94 + $1.34 + $0.61 + $9.60 = $115.48 ★. AC breakeven at $90: ($122.41 − $90 − $1.34 − $0.61 − $9.60) ÷ 34.84 = $0.60. Best case: $85 + $13.94 + $1.34 + $0.61 + $9.60 = $110.48.

Task 2: Renegotiate 41% AC fleet discount ($0.68 → $0.40) across 4 CPOs, 72.7% residential coverage

Since 95% of fleet charging is overnight AC at home, CPO selection is based on residential coverage. 74.8% of Singapore's 2,755 charger locations are residential (OneMap + data.gov.sg verified).

Residential estate coverage (1,935 estates -- OneMap verified)

#	CPO	Res. Locations	% of SG Residential	Incremental	Cumulative	Current Rate	Phase
1	SP Mobility	420	20.5%	420	21.7%	$0.70	Phase 1
2	Charge+	344	16.6%	+343	39.4%	$0.63	Phase 1
3	Shell	365	17.7%	+352	57.6%	$0.68	Phase 2
4	Strides	305	15.0%	+291	72.7%	$0.65	Phase 2
--	~~CDG ENGIE~~	~~483~~	~~26.0%~~	~~+458~~	~~96.3%~~	~~$0.68~~	Excluded

Why exactly 4

Not 2: Only 39% coverage -- 1,212 drivers (61%) stuck at $0.68 market rate. Half the fleet has no incentive to switch from ICE.
Not 5+: CPO #5 (Volt) adds only 52 estates (+2.9%). Diminishing returns -- 10+ micro-CPOs needed to reach 76%.

Regional complementarity

Region	SP Mobility	Charge+	Shell	Strides
East	772★	85	162	412
Central	468	734★	69	253
West	70	537★	26	2
North	459	251	523★	52
NE	198	150	325★	27

CDG excluded

Adding CDG would boost coverage from 72.7% to 96.3% (+458 estates). But ComfortDelGro operates 8,400+ taxis and the CDG Zig ride-hailing app -- a direct Grab competitor. Sharing fleet charging data gives CDG competitive intelligence. CDG's $0.40 rate = our negotiation precedent, not partnership.

RECOMMENDATION: 4 CPOs × $0.40/kWh AC. No volume split -- geography-based. Sequential: SP (anchor) → Charge+ → Shell → Strides. 72.7% residential coverage. DC at market $0.73.

Residential: OneMap API + data.gov.sg HDB streets → 2,060/2,755 = 74.8%. Estates: SP 420 (21.7%) → +Charge+ 763 (39.4%) → +Shell 1,115 (57.6%) → +Strides 1,406 (72.7%). CDG excl: +458 → 96.3%.
Driver impact: covered +$6.93/day, uncovered +$0.08/day, gap $205/mo. Fleet avg at 4 CPOs: 72.7%×$6.93 + 27.3%×$0.08 = +$5.06/day. Sources: LTA DataMall, OneMap API, data.gov.sg, CDG corporate.

$0.40/kWh fleet rate: CPOs keep 27% gross margin on 26.8 GWh/yr guaranteed overnight volume

What we're asking

Term	Detail	Rationale
Rate	AC $0.40/kWh (41% off $0.68). DC at market.	27% gross margin preserved. 3-year guaranteed volume.
Duration	3-year initial, annual renewal	CPO investment horizon; renegotiation flexibility.
Min. commit	80% of allocated volume	Bankable revenue certainty for capacity planning.
MFN clause	Auto-match any lower competitor rate	Standard fleet procurement protection.
Volume	No pre-set split. Geography-based. QBR reallocation.	Drivers charge at home -- CPO share = where drivers live.
Escalation	2,000 EVs (by Q4'28)	Grab's public commitment. Revenue grows with fleet.

Why CPOs say yes

Petrol: 29% driver discount

~0%

bears 28% of the 29% discount (Grab covers 72%)

EV charging: 41% fleet discount

27%

bears 100% of the 41% discount (Grab covers 0%)

Metric	Without Grab	With Grab
Revenue certainty	Walk-in, variable	~$0.69M/yr per CPO (AC margin)
Total partner CPOs gross profit	Uncertain	$2.77M/yr (all 4)
Charger utilisation	60-70% of charger points idle (LTA API, Jan 2026)	~19% incremental utilisation
Precedent	CDG pays $0.40 for own fleet (Greenlots)

CPO	Public	Discount	Coverage	Gross Margin/yr
SP	$0.70	20% → 43%	21.7%	$0.83M
Charge+	$0.63	18% → 37%	17.7%	$0.67M
Shell	$0.68	18% → 41%	18.2%	$0.69M
Strides	$0.65	15% → 38%	15.1%	$0.58M
Others	$0.68	0%	27.3%	—
Total	$0.68	→ 41%	100%	$2.77M

Why only negotiate AC -- not DC

AC = 95% of charging. One rate ($0.40), not two. DC stays at market ($0.73) -- the $0.33/kWh gap incentivises overnight AC. DC = 1.83 kWh/day = $1.34. Simplicity strengthens the ask.

THE PITCH: "At $0.40 you keep 27% gross margin -- healthy and guaranteed. We bring 26.8 GWh/yr of overnight demand on chargers that currently earn nothing. One contract replaces thousands of walk-in sign-ups. Zero marketing cost, zero credit risk, guaranteed settlement. And as our fleet grows to 2,000 EVs (by Q4'28), your revenue grows with us."

Revenue: 25.43 GWh × $0.40 = $10.17M AC + 1.34 GWh × $0.73 = $0.98M DC. Fleet margin: ($0.40-$0.2911)/$0.40 = 27.2%. Gross profit: 25.43 GWh × $0.1089 = $2.77M/yr. Petrol ~0%: station cost ~$2.76/L, after 29% disc = $2.13/L → -30% margin. EV 27%: $0.40 - $0.2911 = $0.109/kWh margin. Sources: EMA $0.2911 (spgroup.com.sg), AC $0.68 (LTA DataMall), CDG $0.40 (Greenlots), Caltex 29% (grab.com/sg/rentals), Shell/BP annual reports.

Task 3: 2,000 EVs consume 2.23 GWh/month -- the single largest fleet customer in Singapore

Per EV / Day

36.67 kWh

220 km ÷ 6 km/kWh

Fleet Daily

73,333 kWh

× 2,000 EVs

Monthly

2.23 GWh

= $929K/mo

Annual

26.8 GWh

= $11.2M/yr

Fleet ramp scenarios & annual CPO revenue at 2,000 EVs

Scenario	2,000 EVs by	Timeline	CAGR	Benchmark
Optimistic	Q3'27	6 months	N/M†	Grab's own: 11K+ in Indonesia, 10K+ in Thailand
Base	Q1'29	2 years	216%	SG EV market CAGR 103% + financial incentive uplift
Conservative	Q2'30	3.25 years	103%	Strides 300 in 5mo, CDG 400→1K in 2yrs

Grab = ~20% of SG EV charging market (~133 GWh/yr, ~$80M). No CPO has ever had a customer at this scale. † N/M = not meaningful for sub-12-month ramp.

CPO revenue breakdown (per year at 2,000 EVs)

AC (95%)	25.43 GWh × $0.40 = $10.17M
DC (5%)	1.34 GWh × $0.73 = $0.98M
Total	$11.15M ($0.4165 blended)
CPO gross profit	25.43 GWh × $0.109 = $2.77M/yr

Inputs: 220km, 6km/kWh, 2,000 EVs, $90 rental, 95/5 AC/DC, $0.40 AC, $0.73 DC mkt, 100% util.

Consumption: 220km, 6km/kWh, 2,000 EVs (case annex). 36.67×2,000×365 = 26.8 GWh. Market size est: 10,876 chargers × 7kW avg × 24hrs × 20% util × 365 × $0.68 = ~$80M (computed from LTA data).
At 2,000 EVs: 25.43 GWh × $0.40 + 1.34 GWh × $0.73 = $11.15M/yr. Ramp: Conservative CAGR ~100% (SG EV market, LTA 2020-25: 1,397→49,110 = 103% CAGR). Base ~215% (2× market, justified by +$208/mo driver incentive). Optimistic 330/mo (Grab deployed 11,000+ EVs in Indonesia, 10,000+ in Thailand). CPO margin: ($0.40-$0.2911) = $0.109/kWh × 25.43 GWh = $2.77M (EMA tariff, spgroup.com.sg).

4 additional strategies to secure lowest rates

1. CDG competitive threat -- existential argument

CDG is vertically integrated: owns CPO (CDG ENGIE, 2,054 chargers) + operates 8,400+ taxis at $0.40/kWh. Independent CPOs face market bifurcation -- CDG controls its own charging destiny. Partnering with Grab is the independent CPO's best counter-position. Source: CDG corporate, LTA DataMall.

3. Grab app distribution -- 187M+ downloads

Partner CPO charger locations promoted within the Grab app to non-fleet users. Free marketing channel to millions of Grab consumers who own personal EVs -- driving walk-in traffic to partner chargers beyond the fleet. Source: Grab corporate (187M+ app downloads across SEA).

2. First-mover advantage -- lock in Grab, other fleets follow

Grab is Singapore's first large-scale fleet electrification effort. The CPO that partners with Grab gets a reference customer for every future fleet contract -- TADA (1,200 EVs by 2027), Ryde (600-1,200 EVs), logistics/delivery fleets. Being "Grab's official charging partner" is a credential that wins future business. Source: Ryde NASDAQ filing (Dec 2024), TADA/EVFY partnership.

4. Off-peak electricity cost advantage

95% of fleet charges overnight. USEP wholesale averages $0.105-0.123/kWh (2024), vs regulated tariff $0.2911. Off-peak is typically 30-40% lower than peak. CPOs on contestable supply benefit from lower overnight procurement cost -- shared savings, not a concession. Source: EMC Singapore, EMA spgroup.com.sg.

KEY INSIGHT: These strategies work because they address what CPOs actually need -- not just volume, but demand predictability, operational simplicity (one contract vs thousands), and a defensible market position against CDG's vertical integration. Each strategy is independently valuable; together they make the $0.40 rate a rational business decision, not a concession.

Sources: CDG $0.40 fleet rate (Greenlots/CDG Taxi). Charger idle rate: 49% of residential locations fully available (LTA DataMall live API, Mar 2026 scan, 2,738 locations). EVgo 19% utilisation (Q1 2024 10-K, investors.evgo.com). Volume: 2,000×36.67×365 = 26.8 GWh (case annex). Market size: ~133 GWh (10,876 chargers × 7kW × 24h × 20% × 365, LTA data). CDG: 8,400+ taxis, 2,054 chargers (CDG corporate). USEP: $105-123/MWh avg 2024 (EMC Singapore, emcsg.com). EMA tariff: $0.2911/kWh (spgroup.com.sg Q1 2026).

Task 4 · GrabRentals EV Charging Intelligence -- Coverage Map · graceful-pasca-15aa8c.netlify.app

Dashboard walkthrough

This is a live interactive dashboard I built for the GrabRentals case study -- it maps all 2,755 EV charging locations across Singapore, colour-coded by operator, with real-time filters for charger type and location.

The header shows our fleet's key commercial metrics at a glance: 26.8 GWh annual consumption, $11.2M fleet cost, and critically, 2 active alerts. Clicking those KPIs opens 12-month trend charts.

The Commercial Intel button opens a full CPO scorecard -- four signals per partner with specific recommended actions -- so for example, SP Mobility's utilisation hitting 87% and rising three consecutive weeks would immediately trigger a volume reroute to Charge+ and a cap clause at the next QBR.

Task 4 · Commercial Strategy Intelligence -- CPO Scorecard · graceful-pasca-15aa8c.netlify.app

How one data trend triggers a tactical partnership shift

Trend: SP Mobility AC charger utilisation rises above 85% for two consecutive weeks (dashboard shows 87%, flagged ALERT). Tactical shift: Grab immediately redirects 15% of SP's overnight AC volume to Charge+ via in-app routing -- no renegotiation, no confrontation. At the next QBR, Grab presents the utilisation data and negotiates: either SP widens the fleet-vs-public rate differential (high utilisation proves public demand supports a higher public rate -- Grab's off-peak fleet volume is now more valuable), commits to bidding on upcoming HDB charger tenders to expand AC capacity, or Grab permanently reallocates that volume share to Charge+. Why this works: The 4-CPO structure makes the threat credible -- SP knows Charge+ absorbs the diverted volume overnight. Dashboard data gives Grab objective evidence for renegotiation rather than a subjective complaint.

Annex: Sensitivity analysis -- rental is the critical lever, AC fleet rate is essential

Each variable stressed independently while others held at base case. Base advantage = +$6.93/day. DC at market is already priced in.

Impact on +$6.93/day EV Advantage ($/day swing from base)

EV Rental ($100 ↔ $85)

Petrol Price ($2.50 ↔ $4.00/L)

EV Efficiency (5 ↔ 7 km/kWh)

Fuel Discount (31% ↔ 15%)

Maintenance (25% ↔ 50% saving)

AC Rate ($0.55 ↔ $0.35/kWh)

Base: +$6.93

$-3$-1$1$3$5

+$7+$9+$11+$13+$15+$17

EV advantage ($/day)

Downside Upside

What has to go wrong for EV to lose?

✓

AC rate only reaches $0.45

Higher AC rate → still +$5.19/day take-home

✓

Petrol drops to $2.50/L

ICE gets cheaper → still +$2.59/day

✓

Maintenance saving only 25% (not 40%)

Lower than DOE benchmark → still +$4.53/day

✓

EV efficiency drops to 5 km/kWh

Higher consumption (A/C, traffic) → still +$3.75/day

✗

No rental adjustment ($100)

EV loses -$3.07/day -- rental lever is non-negotiable

Method: each variable stressed independently while others held at base case. Base advantage = +$6.93/day.
EV cost = Rental + 34.84kWh × AC rate + 1.83kWh × $0.73 + downtime + maintenance.
ICE cost = $80 + 12.22L × petrol × (1-discount) + downtime + maintenance. Swing = |upside - downside|.

Annex: Why not alternative strategies?

Alternative	Why It Fails
Don't touch rental -- just negotiate charging discounts	At $100 rental, EV full P&L = $125.48/day vs ICE $122.41. Charging discounts alone leave a $3.07/day gap. Even free charging ($0/kWh) only brings EV to $110.21 -- rental reduction is essential to maximise driver advantage.
Subsidise drivers directly ($5/day charging credit)	Band-aid, not infrastructure. Costs $3.65M/year with zero structural improvement. Doesn't scale -- doubles if fleet doubles. Partnership creates a permanent rate advantage that scales with volume.
Build own charging network (like CDG/ENGIE)	Capital intensive ($50-100K per charger), takes 2-3 years, not Grab's DNA. CDG did this because they're a transport infrastructure conglomerate. Grab is a tech platform -- partner, don't build.
Partner with one CPO for maximum volume leverage	Single point of failure -- network outage, bankruptcy, or relationship breakdown leaves fleet stranded. No competitive tension means no pressure to maintain quality or improve rates.
Assume drivers charge at home ($0.29/kWh residential tariff)	Factually wrong. HDB residents charge at CPO rates ($0.58-0.68/kWh), not EMA residential tariff. Only landed property owners get $0.29/kWh. Building strategy on false assumption would collapse at implementation.
Wait for EV economics to improve naturally	CPO rates are rising (SP may now be $0.77-0.83 DC). CDG is moving now. TADA has 1,200 EVs. First-mover locks in preferential CPO terms and builds switching costs (app integration, data partnerships).

BOTTOM LINE: Every alternative either fails the math (can't close the cost gap), fails the economics (unsustainable burn), or fails strategically (doesn't build a defensible position). The utilisation-for-rates partnership is the only approach that creates new value for both sides while scaling with fleet growth.

Charging discounts only (full P&L): with $100 rental + $0.40 AC fleet rate, EV = $100 + $15.27 + $0.61 + $9.60 = $125.48 -- $3.07 above ICE ($122.41). Rental reduction is essential to maximise driver advantage. At $90 rental: EV = $90 + $15.27 + $0.61 + $9.60 = $115.48 -- $6.93 below ICE.
Direct subsidy cost: 2,000 EVs × $5/day × 365 = $3.65M/yr; doubles to $7.3M at 4,000 EVs. Zero structural rate improvement. Source: internal modelling.
Build own network: $50-100K per charger installed (industry benchmark; includes hardware, civil works, grid connection). CDG built 2,054 chargers -- at this scale, capex = $103M-$205M; 2-3 year build timeline. Grab's 2,000-EV fleet would need ~500 dedicated AC charger points (4 EVs per point, overnight): 500 × $50-100K = $25M-$50M capex, plus ongoing site leases, operations, and staffing. Source: CDG corporate; charger cost benchmarks per BloombergNEF 2024.
Residential tariff: EMA regulated rate $0.2911/kWh applies to private landed homes only. HDB residents charge at CPO public rates -- median $0.68/kWh AC (LTA DataMall, March 2026). Source: EMA spgroup.com.sg.
CPO rates rising: DC market rate was $0.73/kWh at time of analysis (LTA DataMall API, March 2026); SP Group DC rate estimated at $0.77-0.83/kWh based on scan of SP charger listings (unconfirmed; treat as indicative). First-mover rate lock protects against further increases. TADA 1,200 EVs (TADA/EVFY partnership press release). CDG 400→1,000 EVs (CDG corporate).

Annex: All Data Sources & Assumptions

Verified Data Sources

Category	Data Points
Case Annex	ICE $80, Petrol $3/L, 18 km/L, EV $100, 6 km/kWh, 220 km, 2,000 EVs
CPO Rates	SP $0.70 (LTA API live) \| Charge+ $0.63 (LTA API live) \| Shell $0.68 (LTA API live) \| CDG $0.68 (LTA API live) \| Keppel $0.49 (LTA API live)
Grab Fuel	Caltex 29% (grab.com/sg/rentals) \| Shell 23.5% (GrabFinance)
Grab EV Disc.	SP 20%, Charge+ 18%, Shell 18%, CDG 15% (grab.com/sg/grabdriverbenefits)
Electricity	$0.2911/kWh incl. 9% GST -- EMA Q1 2026 (spgroup.com.sg)
Driver Earnings	~$200/day gross (Mothership, DareToFinance, Confessions of a Grab Driver). ~12hr shifts typical (Shout, HardwareZone) → $16.67/hr opp. cost. ~20 rides/day (Shout: 21-27 at 10hrs, MustShareNews: ~30 at 12hrs -- 20 used as conservative estimate)
ICE Fueling Time	~5 min per fill, 45L tank ÷ 12.22L/day = fill every 3.7 days → 1.4 min/day amortised → $0.38/day at $16.67/hr. Assumption: 45L tank (typical sedan)
Regulatory	60K chargers by 2030 (LTA) \| EV taxi 10yr (LTA) \| EEAI expires Jan 2027
Competition	CDG 8,400+ taxis \| Gojek 10% \| TADA flat $0.50-0.80 \| Ryde 1,200 EVs (NASDAQ)
Maintenance	BEV 6.1¢/mile vs ICE 10.1¢/mile = 40% saving. Source: US DOE/Argonne National Lab, Burnham et al. (2021) "Comprehensive Total Cost of Ownership Quantification for Vehicles with Different Size Classes and Powertrains" (energy.gov/eere). SG figures: ~$480/mo ICE, ~$288/mo EV -- scaled for SG labour/parts costs + PHV mileage (220km/day vs ~50km/day personal car).
Partnerships	Grab-BYD 50K EVs (Jan 2025) \| Grab-GAC 20K EVs (Jan 2026) \| 50% EV by 2030
CPO Margins	AC public margin: ($0.68 - $0.2911) ÷ $0.68 = 57.2%. Fleet margin: ($0.40 - $0.2911) ÷ $0.40 = 27.2%. Margin/kWh: $0.1089. Total fleet AC: 25.43 GWh × $0.1089 = $2.77M/yr gross profit across 4 CPOs. Per-CPO share determined by driver geography. Inputs: EMA tariff $0.2911 (spgroup.com.sg), AC market $0.68 (LTA DataMall HDB median).
Petrol Margins	Industry gross margin 5-8% (industry standard, Shell/BP annual reports). Caltex 29% discount nearly eliminates margin. CDG fleet rate $0.40/kWh (Greenlots/CDG Taxi internal rate).
Battery	BYD Atto 3: ~60kWh battery. 36.67 kWh/day consumption → 39% SOC remaining after 12-hr shift. 3.06 kWh/hr → 19.6 hrs to depletion. Full recharge: 5.2 hrs at 7kW AC.

Key Assumptions

95/5 AC/DC blend feasible -- 90%+ HDB carparks have chargers (LTA Dec 2025). AC/DC price gap ($0.40 vs $0.73) naturally incentivises 95%+ AC.
Drivers pay CPO rate at HDB chargers (~$0.68/kWh public, $0.40 negotiated fleet rate)
$90 EV rental viable -- TCO analysis shows +$36,500 lifetime revenue, +$23,040 maintenance saving, ~$0 acquisition premium (net +$59,540 per EV)
Fleet rate discount achievable -- AC $0.40 only (41% off $0.68). DC at market $0.73. Fleet/B2B volume pricing at 30-35% off public rates is standard across utilities and infrastructure sectors.
EV charging downtime = 2.2 min/day (not 44 min) -- 95% overnight. ICE fueling = 1.4 min/day (5 min fill ÷ 3.7 days, 45L tank assumed)
Driver gross earnings ~$200/day, Grab commission ~20% -- verified multiple sources
Fleet operates 365 days/year at 220 km/day (conservative -- no downtime adjustment)
EV maintenance ~40% lower than ICE -- US DOE/Argonne (Burnham et al., 2021): BEV 6.1¢/mile vs ICE 10.1¢/mile. SG $480/mo ICE → $288/mo EV, scaled for PHV mileage + SG costs
CPO rates may have increased since data collection -- SP Mobility DC may now be ~$0.77-0.83/kWh, Shell may be ~$0.67. Higher market rates strengthen the case for negotiated fleet discounts.

GrabRentals EVCPO Partnership Strategy

A utilisation-for-rates partnership makes EV cheaper than ICE for every Grab driver

The Problem

Grab drivers pay $106/day for ICE, not $117 -- existing 29% fuel discounts set the real bar

But Grab drivers get fuel discounts -- what does ICE really cost?

Daily Operating Cost Comparison ($/day)

The Solution

Task 1: Two levers make EV cheaper to operate -- drivers take home +$6.93/day more

LEVER 1

AC Fleet Rate: $0.68 → $0.40 (41% off)

LEVER 2

Rental $100 → $90

Driver unit economics: how +$6.93/day breaks down per ride

Drivers would charge 95% AC overnight -- because it's 45% cheaper than DC

Stress test: the $90/$0.40 recommendation is robust across scenarios

Task 2: Renegotiate 41% AC fleet discount ($0.68 → $0.40) across 4 CPOs, 72.7% residential coverage

Residential estate coverage (1,935 estates -- OneMap verified)

$0.40/kWh fleet rate: CPOs keep 27% gross margin on 26.8 GWh/yr guaranteed overnight volume

What we're asking

Why CPOs say yes

Task 3: 2,000 EVs consume 2.23 GWh/month -- the single largest fleet customer in Singapore

Fleet ramp scenarios & annual CPO revenue at 2,000 EVs

CPO revenue breakdown (per year at 2,000 EVs)

4 additional strategies to secure lowest rates

Annex: Sensitivity analysis -- rental is the critical lever, AC fleet rate is essential

What has to go wrong for EV to lose?

Annex: Why not alternative strategies?

Annex: All Data Sources & Assumptions

Verified Data Sources

Key Assumptions

GrabRentals EV
CPO Partnership Strategy