Tesla Price Reduction in Singapore
Tesla announced on Friday that it had reduced the prices for its Model 3 and Model Y vehicles in Singapore by 4.3% to 5% respectively. This move follows similar price cuts in markets such as China and the United States as the company looks to boost demand for its electric cars. Tesla has reduced prices for the Rear-Wheel Drive versions of Model 3 and Model Y by S$4,000 ($3,020) and for the Dual Motor All-Wheel Drive versions by $5,000.
The reason behind the price reduction
- The U.S. electric vehicle maker has been reducing prices to address concerns among investors and analysts about the company’s profitability. Tesla’s announcement comes ahead of introducing new, more challenging EV tax credits in the U.S.
- The U.S. electric vehicle maker has been cutting prices of its vehicles in some markets this year including the United States and China to shore up demand, stoking concerns about worsening profitability among investors and analysts. Last week, Tesla announced its fifth vehicle price reduction this year in the U.S. market.
Tesla offers in Singapore: January 2023
Tesla in January had offered limited-term discounts to buyers in Singapore who agreed to purchase the existing inventory of the Model 3 or Model Y, but it did not make a general price cut at the time as it did in South Korea, Japan, and Australia.
Tesla Factory in Shanghai
Tesla has also announced that it will build a new factory in Shanghai to manufacture Megapacks, the company’s lithium-ion batteries used for battery-storage power stations. The new factory, which will complement Tesla’s existing Shanghai plant making electric vehicles, will initially produce 10,000 Megapack units per year, equivalent to around 40 gigawatthours of energy storage. The batteries will be sold globally.
According to Xinhua, the Chinese state news agency, Tesla will break ground on the new factory in the third quarter of this year, with production scheduled to begin in the second quarter of 2024. Tesla’s move into the energy storage market is part of CEO Elon Musk’s commitment to growing the company’s solar energy and battery business to roughly the same size as its electric car business.
Writer’s remark
To summarize, Tesla has reduced the prices of its Model 3 and Model Y vehicles in Singapore by 4.3 Tesla generates most of its money from its electric car business, but Musk has committed to growing its solar energy and battery business to roughly the same size. Tesla has a factory producing Megapacks in Lathrop, California, capable of manufacturing 10,000 megapacks annually.
Read More:- Tesla Launched New Cheaper Variant of Model Y: Find All Details