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Tesla Model 3 Sales Boom In Singapore Despite Costing $150,000 – Or 3 Times – There
Tesla Model 3 are sales are surging in Singapore despite the electric sedan costing nearly $150k in the country.
In the United States, the same car costs around $44,000 for a Model 3 Standard Plus Rear-Wheel Drive.
314 Teslas were registered in September, almost on par with Hyundai and trailing top brands Toyota’s 778 and Honda’s 466.
Tesla is doing quite well in Singapore, nearly 10 months after the automaker entered the market that is widely regarded as the most expensive place in the world to buy a new car.
According to Singapore’s Land Transport Authority (LTA), the number of Model 3s on the road has risen from 30 in the first half of 2021 to 487 in the third quarter. Reuters also reported that 314 Teslas registered in September, almost on par with Hyundai and trailing top brands Toyota’s 778 and Honda’s 466.
This is despite the base Model 3 SR+ costing the equivalent of around $150,000, after all incentives have been applied and registration fees paid. The base Model 3 seems costs around $44,000 in the US.
In all, Tesla became the country’s sixth-most popular car brand in September. Tesla doesn’t sell the Long Range Model 3 in Singapore, while the Model S, X and Y are also all yet to reach the island.
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The Singaporean government has heavily incentivized electric vehicles and offers up to S$45,000 ($33,360) in incentives to help improve EV adoption and to combat all the high taxes as well as the massive COE fee they also charge.
Singapore aims to have 60,000 EV chargers by 2030 – a remarkably high figure given the island has an area of only 281 square miles. The city-state also wants to phase out ICE vehicles by 2040, which they are gradually doing through exorbitant emissions charges, naturally.
