Company plans to invest up to S$40 million by end 2023

Singapore, October 18, 2021. The Goldbell Group (Goldbell), Singapore’s largest player in leasing and distribution of commercial and industrial vehicles, has today announced the finalisation of its acquisition of BlueSG, Singapore’s leading player in the electric car-sharing market. First announced in February this year, the acquisition has been completed, and the company is on track to expand the fleet size with immediate effect. It will also increase its staff strength by 20% at the end of this year, with the addition of a new technology team.

Among Goldbell’s immediate priorities is to realise BlueSG’s potential with the expansion of its business and technical capabilities to develop a business model that will be replicated in other smart cities across the Asia Pacific Region. This will be kicked off with the company’s establishment of its Global Headquarters for Car-Sharing through BlueSG by the end of 2021. This sets the stage for overseas expansion within the next few years.

Part of its growth acceleration strategy will be an investment of up to S$40 million by 2023. This represents 60% of the planned S$70 million investment capital for the next five years, which was earlier announced. A key priority of which will be the establishment of an Open Innovation Platform in Singapore through BlueSG. It acts as a testbed for new and experimental pilot technologies such as energy storage and management, advanced mobility systems and charging technologies, smart cities applications and more.

The BlueSG acquisition is in line with the establishment of Goldbell’s Global Innovation Centre for Future Mobility, whose mission is to look into new business models or technologies in the mobility space such as vehicle sharing, app-based vehicle leasing, intelligent warehousing, mobility analytics, and mobility algorithms.

“BlueSG will be entering a new era together with Goldbell,” said Arthur Chua, CEO of Goldbell. “Since the announcement of the acquisition eight months ago, we have been laying the groundwork for bringing the company to its next level of growth.  Not only are we interested in deploying newer generation, experimental technologies in our car-sharing fleet, we are also looking forward to working with companies, as well as local institutes of higher learning and research institutes, to realise our vision to evolve the BlueSG fleet into a living lab for Future Mobility innovations.”

With the finalisation of the acquisition, Jenny Lim, who was previously BlueSG’s Commercial & Network Director, has now been appointed by the Goldbell Group as BlueSG’s Head of Singapore, responsible for overall operations.

The company has also confirmed that BlueSG customers will continue to enjoy the convenience and efficiency of the services as before, following the proposed acquisition and rebranding of the BlueSG island-wide network of more than 1,500 electric vehicles (EV) charging points by a global multi-energy company, TotalEnergies.

“We look forward to working with a variety of Charging Infrastructure Providersand are excited about the interest that this is already generating among potential international OEMs (Original Equipment Manufacturers) who are looking to tap into our BlueSG brand to showcase their new electric vehicle models, as part of our fleet expansion quest,” added Arthur

The BlueSG acquisition brings Goldbell closer to achieving its Future Mobility Vision and core value of sustainability through its Autonomous, Sharing Economic and Electric pillars. It is a clear reflection of Goldbell’s Twin Engines for Disruptive Growth strategy that combines its domain knowledge as the leader in the industrial vehicle leasing and distribution market with venture building and venture investing models to accelerate innovation and create avant-garde businesses of the future.

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About BlueSG

BlueSG is a one-way car sharing solution using electric cars in self-service. Launched in Singapore in December 2017, with the cooperation of the Land Transport Authority and the Economic Development Board, this service offers a convenient, flexible and affordable transport option for Singaporeans. It is a subsidiary of Goldbell Group from October 2021.

About Goldbell Group

Goldbell Group is Singapore’s largest player in leasing and distribution of commercial and industrial vehicles. Literally a driving force behind Singapore’s growing economy, Goldbell has been providing industry-wide transport and logistic solutions – passenger and commercial vehicles, as well as material handling equipment – for nearly four decades. The company’s diversified business portfolio operates under three main business pillars: Distribution, Leasing, and Financial Services, which deliver a suite of total business solutions (vehicle and equipment sales, leasing, financing, aftersales service, spare parts, insurance, and equipment usage training, as well as fleet management services).

Understanding the importance of innovating its core business through tech and the need to venture into new capabilities to future proof its business, Goldbell Group set up a Future Mobility division with the vision to be a leading player in the future mobility landscape for smart cities. Tapping the Group’s domain knowledge, it assesses and deploys innovative and functional technologies that complement and advances its core business. Looking beyond its existing ecosystem, it also invests in disruptive start-ups through an evergreen corporate venture capital fund, operates an accelerator to groom promising start-ups with the help of a network of strong corporate partners in the region and establish new businesses such as a shared mobility technology company and an autonomous warehousing solutions company.

Goldbell Group is one of the high-growth local companies identified by Enterprise Singapore to be part of the Scale-up SG programme. For more information, please visit:


Issued by: Goldbell Group

For more information, contact:

Janice Wan
8 Tuas Ave 18 Singapore 638892
Tel: (65) 9880 7872



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