Tesla offers up to S$10,000 discount on existing EVs in S’pore following price cuts in China

Tesla is offering a special deal to customers in Singapore, providing discounts of up to S$10,000 on existing inventory of its Model 3 and Model Y electric vehicles.

The deal includes a S$5,000 discount for customers who trade in their gas-powered vehicle for a new electric car, as well as a S$5,000 credit towards the cost of Singapore’s “Certificate of Entitlement” (COE), which allows the owner to use the car for 10 years.

In addition, Tesla is also providing a connector for customers who use one of its home chargers, though the customer will still have to pay for installation costs.

This news comes less than a week after Tesla made headlines for reducing prices in China, sparking concerns about low demand for the company’s products.

The price cuts caused outrage among Chinese customers who had recently purchased Tesla vehicles at higher prices. In response to these events, analysts have been divided on whether Tesla is experiencing demand issues or if the supply of electric vehicles is simply outpacing demand.

Despite the controversy surrounding the price cuts in China, Tesla has continued to offer incentives to customers in other markets.

The most affordable Model 3 or Model Y currently available in Singapore is selling for S$146,069 before the potential S$10,000 in savings. Despite the high price tag, the prospect of receiving such a large discount may be tempting for some customers looking to make the switch to electric.

Featured Image Credit: Clarence Seow via Torque