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According to media reports, Tesla's entry-level Model 3 sells for nearly S $200000 (US $148300, RMB 950000) in Singapore, and it is worth noting that the price is nearly four times higher than that of the Model 3 in the US market. It is understood that Tesla began to sell in Singapore this year, and according to data released by the Singapore Land Transport Authority, Tesla had 487 vehicles by the end of the third quarter, a 16-fold increase from 30 in the first half of this year.

Why is Tesla Model 3 so expensive in Singapore? it is understood that the Singapore government has strict restrictions on car growth, and the competent authorities have designed a vehicle quota system (VQS) to limit the rate of car growth in Singapore. The government can control the number of COE issued to limit the number of new cars, while the price of COE is awarded by consumers through open bidding. The government controls the amount of COE issued, and the market determines the price of COE. COE is similar to the car purchase index of some restricted cities in China, but this index does not follow people. Once the vehicle is sold or scrapped, the COE index becomes invalid. The duration of an COE is usually 10 years. Now the price of Class A COE has reached 128000 yuan, and Class B as high as 172000 yuan, and this part of the price will also be included in the price of cars in the future.

In addition, the car price itself includes various taxes and fees, for example, car price = OMV open market value + COE certificate of entitlement + ARF additional registration fee + consumption tax + dealer profit and so on. The additional registration fee (ARF) has also doubled the price of cars in Singapore. The fee levied according to the car price is similar to the luxury tax, the proportion of which is 100%. The higher the car price, the higher the levy ratio.

For Tesla, Model 3 is expensive in Singapore, but sales are on the rise. Professionals say there are many reasons for Tesla's surge in sales in Singapore, one of which is that Singapore announced this year a subsidy of up to S $45000 for electric car buyers. Second, Tesla seems to be better at dealing with supply chain problems than other companies, able to deliver more cars than competitors. According to relevant data, a total of 241300 electric vehicles were delivered in the third quarter of 2021, of which 232025 were delivered for Model 3 and Model Y and 9275 for Model X and Model S.

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