Expensive toys are more fun

Image: Tesla

Although the Tesla Model 3 costs the equivalent of nearly US$150,000 in Singapore in its base version, the number of new Teslas on Singapore roads has increased more than tenfold from 30 in the first half of the year to 487 in the third quarter of 2021.

The high price, compared to the $40,000 a Model 3 costs in the USA, is apparently due to an ownership levy. However, recently a S$45,000 (about US$33,298) subsidy for buyers of electric cars.

Tesla also fared better than other companies at weathering supply chain issues in the nation, thus having a higher capacity to deliver more cars than competitors. “Pent up demand is relatively large. Now the supply is in place and Tesla is most likely working through a large backlog,” said Niels de Boer, an electromobility expert at Nanyang Technological University.



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