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Singapore buyers of Tesla's existing inventory of Model 3 or Model Y electric vehicles will be able to get the cars for cheaper.

According to Reuters on Jan. 9, a company sales representative said that Tesla has begun offering discounts to buyers of those models.

Discounts offered

Those who trade in an existing internal combustion vehicle get a discount of US$5,000 (S$6659.72), and another US$5,000 credit against the cost of the Certificate of Entitlement (COE) in Singapore.

Excluding the COE cost, a Model 3 rear-wheel drive (RWD) is currently priced at about S$114,785, an all-wheel drive (AWD) at S$164,528.

Meanwhile, the Model Y RWD is priced at S$142,601 and the AWD at S$190,325, reported Reuters.

Additionally, Tesla will provide the wall connector for qualified buyers who have a home charger, although the consumer will have to bear the cost of the installation.

Stoking demand

The limited-term discounts in Singapore come days after Tesla cut prices in China, South Korea, Japan and Australia.

The price reductions in China, which occurred on Jan. 6, were seen to be attempts at stoking demand in the world's largest market for battery-powered cars, wrote Reuters.

This was reportedly done to salvage sales which dropped in December 2022.

Tesla's prices in China are now between 13 per cent and 24 per cent less than prices in September.

According to Reuters, the move also caused an uproar among Chinese customers who had recently purchased Tesla vehicles at higher prices, and they demanded compensation.

An analyst from a U.S. investment firm, Dan Ives, was quoted by Yahoo Finance as saying that "if you look at what growth is going to be in China after these price cuts, I think it's going to be strong."

"The strategic poker move by Musk, I believe that was a real smart one that they did early," he added.

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