Tesla is selling its Model 3 in Singapore at twice the price it retails for in the United States.
Bloomberg highlighted that the Model 3 is going at a starting price of about S$113,000 (US$85,200) in Singapore.
This is more than double what it cost in the U.S., where an entry-level Model 3 costs about US$38,000 (S$50,350)
The electric-vehicle manufacturer is making inroads into Singapore, recognised as one of the world’s most expensive automobile markets.
But S$113,000 is just the base price.
When extras such as all-wheel drive are included, the Model 3’s price tag can hit S$155,000 here.
The Tesla car sold in Singapore excludes the COE (Certificate of Entitlement).
The COE by itself cost from around S$40,000, depending on engine capacity.
It entitles a vehicle owner to a 10-year ownership of the vehicle.
The COE can be renewed at intervals of an additional five or 10 years, or more.
According to Tesla’s Singapore website, the car has a wait time for delivery of around 12 to 14 weeks, once an order is made.
The website went live at the start of February 2021.
Singapore said last year it plans to phase out fossil fuel-powered vehicles by 2040 and will add incentives to encourage consumers to buy electric cars.