Tesla's Singapore sales portal goes live

The Model 3 Standard Range, according to Tesla's Singapore site, will go for around $113,000 before certificate of entitlement. The prices listed are lower than what parallel importers have been charging.
The Model 3 Standard Range, according to Tesla's Singapore site, will go for around $113,000 before certificate of entitlement. The prices listed are lower than what parallel importers have been charging. PHOTO: TESLA

Tesla's Singapore sales portal has gone live, a day after The Straits Times listed estimated prices of its cars.

The site states that the Tesla Model 3 Performance - a high-powered version of the Model 3 - which hits 100kmh in 3.3 seconds, is retailing at an estimated price of just under $155,000 before certificate of entitlement (COE).

The less powerful Model 3 Standard Range, which reaches 100kmh in 5.6 seconds, will go for around $113,000 before COE.

The prices - substantially lower than what parallel importers have been charging - are close to what ST posted in its report on Monday.

Observers said Tesla's pricing is likely to propel sales, given that at current COE rates, the Model 3 Standard Range is likely to be cheaper than a Toyota Camry but with more bang for the buck.

Both cars fall under Category B COE for cars above 1,600cc or 97kW, which closed at $46,790 at the latest tender last week.

Mr Adrian Peh, who owns a Tesla, said the competitive pricing "will help Singapore move faster towards a full electric vehicle (EV) environment".

"Mercedes, BMW, Audi and even possibly the higher-end Japanese cars will be hit really hard," the 48-year-old chief executive of a financial advisory firm added.

Corporate communications manager Tony Tan, 54, calculated that a fully equipped Model 3 Performance would cost him less than $160,000 before COE.

"It is essentially a super sports car at half the price," he noted.

Even taxi companies are considering Teslas. Out of the main four cab operators contacted, Trans-Cab and Premier said they would consider adding the American car to their fleet.

Commenting on Tesla's posted prices, Singapore University of Social Sciences transport economist Walter Theseira said: "The Singapore car market has some of the highest dealer gross margins in the world.

"Land Transport Authority figures show that the difference between the published retail price and the vehicle cost, inclusive of all taxes and OMV (open market value), is routinely in the tens of thousands of dollars for many higher-end brands.

"Tesla's pricing appears to be extremely competitive, and a vehicle with similar OMV from an established authorised luxury dealer would probably be priced several tens of thousands more.

"Whether this will lead to authorised dealers reducing margins, or whether Tesla will realise that it has no need to price so aggressively to gain a foothold, remains to be seen."

Meanwhile, Tesla has hired Mr Vincent Wiguna - once a power specialist at European engineering group ABB - as its charging infrastructure manager. The company plans to roll out its own charging network here.

A version of this article appeared in the print edition of The Straits Times on February 10, 2021, with the headline 'Tesla's Singapore sales portal goes live'. Subscribe