RydeEV is now closed after a grand ‘loud’ launch just a few years ago
RydeEV has retired and closed for good. Yes, after it split from its funding partner/parent company Yinson GreenTech Ryde EV became an independent entity sometime in April/May 2025 which did not last.
So what was RydeEV’s business strategy?
Ryde EV’s business model focused on accelerating electric mobility in Southeast Asia, particularly Malaysia and Singapore, through a multi-pronged approach: offering Battery-as-a-Service (BaaS) (sound familiar readers …… a recent new electric car was launched with a similar concept) with swapping stations for quick recharges, creating an ecosystem for EV adoption with partnerships, providing ICE-to-EV conversion services, expanding premium EV fleets and empowering drivers with higher earnings through a 0% commission platform for private-hire EVs, all while integrating sustainability and leveraging IoT for smart transport.
Key Components of Ryde EV’s Model:
Battery-as-a-Service (BaaS) & Swapping: Implemented battery swapping stations for electric motorcycles allowing riders to quickly swap depleted batteries for fully charged ones, significantly reducing downtime.
Ecosystem Development: Built partnerships (like Bateriku, Yinson GreenTech) to create a network for charging, maintenance, and training gig workers in EV services, fostering local entrepreneurship.
Fleet Electrification: Facilitated the transition from internal combustion engine (ICE) vehicles to EVs through conversions and by adding premium EVs (like KIA EV6 to its luxury fleet (RydeLUXE) for corporate and VIP transport.
Driver-Centric Approach: Maintained a 0% commission policy for EV partners, aiming to provide greater income stability and unlock higher earning potential for drivers.
Sustainable & Smart Integration: Aligned with ESG goals, supporting Malaysia’s Smart City framework and green initiatives with renewable energy charging and data-driven solutions.
Strategic Expansion: Expanded services beyond core ride-hailing into a full-suite mobility app, including delivery and corporate solutions, with plans for further market growth and potential acquisitions.
Meanwhile, the reasons for the separation from its funder Yinson GreenTech was because:
Slow EV Scooter Acceptance: The market for electric scooters in Malaysia is not growing as fast as the electric car market, which impacted the business model’s success.
Business Model Challenges: There may have been issues with the initial business strategy and research for the Malaysian market.
Infrastructure Issues: While RydeEV deployed nearly 50 battery swapping stations, the service relied exclusively on swapping (no home charging), requiring a substantial network to be a viable option for consumers, which was a challenge.
Partnership Changes: The separation also marked the end of a high-profile partnership with CelcomDigi, which had offered lease-to-own plans bundled with postpaid services.
RydeEV (operating under its official business name, Oyika Green Technologies Sdn Bhd) is just another victim of the electric mobility segment in Malaysia.
