Singapore is one of the most expensive car markets in the world The latest data released by the Land Transport Authority of Singapore on October 29 showed that the US electric car manufacturer Tesla became popular among Singaporean car buyers in September. Tesla’s Model 3 is an electric fastback mid-size four-door sedan. In the third quarter, Tesla’s sales in Singapore increased from 30 in the first half of the year to 517. Tesla became the sixth most popular car brand in the country in September. This is shocking in one of the largest markets in the world.
The latest data released by the Land Transport Authority of Singapore on October 29 showed that the US electric car manufacturer Tesla became popular among Singaporean car buyers in September.
Tesla’s Model 3 is an electric fastback mid-size four-door sedan. In the third quarter, Tesla’s sales in Singapore increased from 30 in the first half of the year to 517. Tesla became the sixth most popular car brand in the country in September.
In this market, one of the most expensive places to buy and own a car in the world, this is shocking because new car registrations are strictly controlled to manage pollution and traffic in this small country.
In comparison, the Tesla 3 standard model is priced at approximately US$44,000 in the United States, while in Singapore, the price including all taxes and additional ownership fees is close to US$150,000.
Encourage the purchase of green cars
The American company opened a dedicated portal in Singapore in February and began selling its Model 3 in Singapore. Singapore is providing incentives to encourage drivers to buy environmentally friendly cars because its goal is to achieve net zero emissions as soon as possible.
Even so, buying a car in Singapore is still very expensive, because the driver has to pay consumption tax and registration tax more than twice the market value of the car. They must also bid for a limited number of government auction car ownership licenses that allow drivers to own the car for ten years.
Phase out fossil fuel powered vehicles
Singapore plans to phase out fossil fuel-powered vehicles by 2040, and will no longer allow registration of diesel vehicles or taxis from 2025 as part of its emissions reduction efforts. To support this initiative, the government plans to install 60,000 charging points in public parking lots and private places by 2030, an increase from the previous target of 28,000.
According to data from the Land Transport Authority, as of the end of September, there were 2,243 electric vehicles on Singapore’s roads, an increase of 84% from the end of 2020. Nevertheless, this only accounts for 0.3% of the city-state’s autos, but the share is steadily increasing.
