SINGAPORE: Tesla Inc has cut prices of its Model 3 and Model Y vehicles in Singapore by between 4.3 per cent and 5 per cent, its website showed on Friday (Apr 14).
Tesla dropped prices on the Rear-Wheel Drive version of both the Model 3 and Model Y by S$4,000 (US$3,020), while prices of the Dual Motor All-Wheel Drive version of the two models fell by S$5,000.
A check on Tesla’s website on Friday showed that the price of a Model 3 vehicle excluding Certificate of Entitlement (COE) was about S$104,700.
Based on the latest COE premiums, a basic Model 3 – which requires a Category B COE (S$118,501) – will set a buyer back at least S$223,200.
The US electric vehicle maker has been cutting prices of its vehicles in some markets this year including the United States and China to shore up demand, stoking concerns about worsening profitability among investors and analysts.
Last week, Tesla announced its fifth vehicle price reduction this year in the US market, as Washington prepares to introduce tougher standards that will limit EV tax credits.
Tesla in January had offered limited-term discounts to buyers in Singapore who agreed to purchase existing inventory of the Model 3 or Model Y, but it did not make a general price cut at the time like it did in South Korea, Japan and Australia.