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Singapore’s luxury car sales plummet after money-laundering scandal

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Singapore’s luxury car sales plummet after money-laundering scandal

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Luxury car sales in Singapore have plummeted as buyers shun ostentatious displays of wealth after the government raised taxes on the vehicles and stepped up due diligence checks in response to a $2bn money-laundering scandal.

The number of new Bentley, Ferrari, Jaguar and Rolls-Royce models sold in the city-state dropped by as much as three-quarters last year compared with 2023, as wealthy buyers shunned luxury brands following a damaging money-laundering case in which police seized scores of flashy vehicles.

“Most of the luxury cars bought in recent years were by Chinese customers,” said Anson Lee, managing director of luxury car dealership Euro Performance Asia. “Following the scandal, you are now seeing the market stagnate.

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“I still have Chinese customers, but they want to keep a low profile, so the whole market has slowed down,” said Lee, adding that his customers increasingly preferred electric vehicles.

EV sales have rocketed, particularly for Chinese manufacturer BYD, which was the second top-selling car brand in Singapore last year after only entering the market in 2020.

BYD sales hit 6,191 in 2024, a fourfold increase on the year before, while Tesla sales more than doubled to 2,384, according to figures from the Land Transport Authority.

At the same time, new Rolls-Royce sales dropped from 95 to 23 last year, while the figure for Ferrari fell from 97 to 29. The number of new Jaguars nearly halved to 27, while Bentley sales fell to 25 from 58.

Bentley attributed the decline to the run-out of existing models, with new versions of the Continental GT and Flying Spur entering the market only at the start of this year. It expects sales to improve with the availability of the new cars.

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Jaguar, Ferrari and Rolls-Royce declined to comment.

Singapore has seen an influx of wealth in recent years, especially from Chinese nationals, as it competes to be Asia’s premier asset and wealth management hub, but the ambitions have also come with risk.

The city-state was rocked two years ago by a money-laundering case involving individuals linked to a gang from China’s Fujian province. During raids on properties across the island, police seized 77 vehicles.

At one property, four cars with a combined value of S$4.7mn (US$3.5mn) were confiscated, including a red Rolls-Royce Dawn, a black Rolls-Royce Cullinan, a red Porsche 911 Targa and a white Toyota Alphard.

“You see a lot fewer red Rolls-Royces cruising around Singapore these days,” said a person involved in the case in which 10 individuals have been sentenced.

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A red Rolls-Royce is loaded on to a flatbed tow truck in front of a modern building, with several people, including a police officer, observing and documenting the scene
Police seize a red Rolls-Royce Dawn at the residence of one of the suspects in Singapore’s $2bn money-laundering case in October 2023 © Ore Huiying/Bloomberg

Dealers said one of the reasons for the decline in new luxury vehicles was that the confiscated cars were being sold back to the market. Singapore’s justice minister, K Shanmugam, said last month that the government had so far sold 33 of the seized cars.

In response to the scandal, Singapore’s government ordered luxury car dealers, property agents and gemstone sellers to check sources of financing for their most expensive products and report buyers they suspected of having criminal links.

“We have [always had] to do our due diligence on customers, but this has become more sensitive because of the money-laundering case,” said Lee.

Luxury car sales have also been hit by a higher tax introduced in 2023 to cool what the government perceived as an overheated market coming out of the Covid-19 pandemic.

Taxes on the most expensive cars — those priced above S$80,000 — rose to 320 per cent from 220 per cent. The government also introduced changes to limit the resale value of cars.

Another consideration for buyers is the cost of certificates of entitlement, which residents must obtain before they are allowed to purchase a car. The prices are based on a bidding system to control the number of vehicles on the road.

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For the most powerful models, the certificates currently cost just under S$117,000, up from S$96,000 a year ago but significantly below the S$150,000 pricetag in November 2023, reflecting a drop in demand for high-end vehicles.

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Trump claims US stockpiles mean wars can be fought ‘forever’; Kristi Noem testifies before Congress – US politics live

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Trump claims US stockpiles mean wars can be fought ‘forever’; Kristi Noem testifies before Congress – US politics live

Trump says US stockpiles mean “wars can be fought ‘forever’”

In a late night post on Truth Social, Donald Trump said that the US munitions stockpiles “at the medium and upper medium grade, never been higher or better”.

He added that the US has a “virtually unlimited supply of these weapons”, meaning that “wars can be fought ‘forever’”.

This comes after Trump said that the US-Israel war on Iran could go beyond the four-five weeks that the administration initially predicted. The president also did not rule out the possibility of US boots on the ground in Iran during an interview with the New York Post on Monday.

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“I rebuilt the military in my first term, and continue to do so. The United States is stocked, and ready to WIN, BIG!!!,” he wrote.

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Key events

During his opening remarks, Senate judicicary committee chairman, Chuck Grassley, blamed Democrats for the ongoing shutdown Department of Homeland Security (DHS) but highlighted four agencies: the Secret Service, Federal Emergency Management Agency (FEMA), the Transportation Security Administration (TSA), and the Coast Guard.

Democrats are demanding tighter guardrails for federal immigration enforcement, but a sweeping tax bill signed into law last year conferred $75bn for Immigration and Customs Enforcement (ICE), which means the agency is still functional amid the wider department shuttering.

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Supreme Court blocks redrawing of New York congressional map, dealing a win for GOP

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Supreme Court blocks redrawing of New York congressional map, dealing a win for GOP

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Win McNamee/Getty Images

The Supreme Court on Monday intervened in New York’s redistricting process, blocking a lower court decision that would likely have flipped a Republican congressional district into a Democratic district.    
  
At issue is the midterm redrawing of New York’s 11th congressional district, including Staten Island and a small part of Brooklyn. The district is currently held by a Republican, but on Jan. 21, a state Supreme Court judge ruled that the current district dilutes the power of Black and Latino voters in violation of the state constitution.  
  
GOP Rep. Nicole Malliotakis, who represents the district, and the Republican co-chair of the state Board of Elections promptly appealed to the U.S. Supreme Court, asking the justices to block the redrawing as an unconstitutional “racial gerrymander.” New York’s congressional election cycle was set to officially begin Feb. 24, the opening day for candidates to seek placement on the ballot.  
  
As in this year’s prior mid-decade redistricting fights — in Texas and California — the Trump administration backed the Republicans.   
 
Voters and the State of New York contended it’s too soon for the Supreme Court to wade into this dispute. New York’s highest state court has not issued a final judgment, so the voters asserted that if the Supreme Court grants relief now “future stay applicants will see little purpose in waiting for state court rulings before coming to this Court” and “be rewarded for such gamesmanship.” The state argues this is an issue for “New York courts, not federal courts” to resolve, and there is sufficient time for the dispute to be resolved on the merits. 
  
The court majority explained the decision to intervene in 101 words, which the three dissenting liberal justices  summarized as “Rules for thee, but not for me.” 
 
The unsigned majority order does not explain the Court’s rationale. It says only how long the stay will last, until the case moves through the New York State appeals courts. If, however, the losing party petitions and the court agrees to hear the challenge, the stay extends until the final opinion is announced. 
 
Dissenting from the decision were Justices Sonia Sotomayor, Elena Kagan, and Ketanji Brown Jackson. Writing for the three, Sotomayor  said that  if nonfinal decisions of a state trial court can be brought to highest court, “then every decision from any court is now fair game.” More immediately, she noted, “By granting these applications, the Court thrusts itself into the middle of every election-law dispute around the country, even as many States redraw their congressional maps ahead of the 2026 election.” 

Monday’s Supreme Court action deviates from the court’s hands-off pattern in these mid-term redistricting fights this year. In two previous cases — from Texas and California — the court refused to intervene, allowing newly drawn maps to stay in effect.  
  
Requests for Supreme Court intervention on redistricting issues has been a recurring theme this term, a trend that is likely to grow.  Earlier last month  the high court allowed California to use a voter-approved, Democratic-friendly map.  California’s redistricting came in response to a GOP-friendly redistricting plan in Texas that the Supreme Court also permitted to move forward. These redistricting efforts are expected to offset one another.     
   
But the high court itself has yet to rule on a challenge to Louisiana’s voting map, which was drawn by the state legislature after the decennial census in order to create a second majority-Black district.  Since the drawing of that second majority-black district, the state has backed away from that map, hoping to return to a plan that provides for only one majority-minority district.    
     
The Supreme Court’s consideration of the Louisiana case has stretched across two terms. The justices failed to resolve the case last term and chose to order a second round of arguments this term adding a new question: Does the state’s intentional creation of a second majority-minority district violate the constitution’s Fourteenth and Fifteenth Amendments’ guarantee of the right to vote and the authority of Congress to enforce that mandate?    
Following the addition of the new question, the state of Louisiana flipped positions to oppose the map it had just drawn and defended in court. Whether the Supreme Court follows suit remains to be seen. But the tone of the October argument suggested that the court’s conservative supermajority is likely to continue undercutting the 1965 Voting Rights Act.   

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Map: Earthquake Shakes Central California

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Map: Earthquake Shakes Central California

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown.  All times on the map are Pacific time. The New York Times

A minor earthquake with a preliminary magnitude of 3.5 struck in Central California on Monday, according to the United States Geological Survey.

The temblor happened at 7:17 a.m. Pacific time about 6 miles northwest of Pinnacles, Calif., data from the agency shows.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Monday, March 2 at 10:20 a.m. Eastern. Aftershocks data is as of Monday, March 2 at 11:18 a.m. Eastern.

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