Tesla is offering up to $10,000 in discounts on inventory Model 3 and Model Y units in Singapore, with $5,000 in incentives coming from the trade-in of a gas vehicle.
Tesla will offer a $5,000 discount to customers who trade in a gas vehicle to purchase their new electric car, with an additional $5,000 credit against the cost of Singapore’s required “Certificate of Entitlement,” which grants the owner of the vehicle to own and use the car for ten years.
Car buyers who can use one of Tesla’s home chargers will also be given the connector. The customer will still have to pay for installation costs.
Reuters confirmed the discounts with a Tesla sales representative.
The discounts come less than a week after Tesla slashed prices in China, which set off alarm bells of ‘low demand’ following the automaker’s disappointing finish to the year in that market. Tesla’s prices decreased by as much as 13.5 percent on Friday when the automaker announced the reductions.
The price cuts catalyzed an angry response from Chinese customers who purchased vehicles in late 2022 before Tesla announced the reductions.
Tesla’s wholesale figures in December slumped 44 percent compared to November. The automaker then launched a new series of price cuts on the Model 3 and Model Y.
Analysts are conflicted with Tesla’s current predicament and undecided on whether the company is facing demand issues. Adam Jonas of Morgan Stanley said in a recent note that, while Tesla did beat the firm’s delivery expectations for Q4, the figures were “broadly consistent with our views that EV supply may be recovering faster than EV demand, reflecting a material narrative change in the scarcity of EVs on a global basis.”
Currently, the most affordable inventory Model 3 or Model Y in Singapore is selling for $146,069 before the potential $10,000 in savings.
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