Tesla Motors pulls out of Singapore due to poor sales

Article by Christian A., on February 18, 2011

It has only been six months after Tesla Motors established its base in Singapore but already, it has decided to pull out of the city state. Tesla, which makes electric cars, said that due to the lack of green technology tax break and subsidies from the Economic Development Board of Singapore, its business model will no longer be viable there.

If there are no tax breaks or incentives, the all-electric Tesla Roadster’s price will range from SGD400,000 to SGD500,000, a price that would put it near the most desirable Porsche or Maserati machines.

Initially, Tesla had hoped to receive the incentives, which would put the price of the electric sportscar at about SGD250,000.

The Economic Development Board, which is responsible for approving the tax break, said Tesla failed to meet 'technical requirements'.

A number of bookings had been registered, with the condition of tax breaks being grated. Several consumers have said that they want the car at the increased price but Tesla says they are too few to justify staying in Singapore.

Tesla Motors Asia-Pacific director Kevin Yu told The Straits Times that Singapore didn’t turn out to be the market they had hoped for. He said that since other markets’ governments and consumers are supporting Tesla and as Roadster has a limited run, the company has made a decision to focus its limited resources elsewhere.

Topics: tesla, sales

If you liked the article, share on:

Comments

Recommended

The BMW M model, as of today, offers their buyers two transmission options: either a six-speed manual or a seven speed dual-clutch automatic. But rumours have been circulating that these...
by - April 24, 2017
Not so long ago, the 2018 Genesis G80 Sport made its debut at the 2016 LA Auto Show. But at that time, it did not have a price yet. And...
by - April 23, 2017
It seems like an increase in price has become a trend for automotive companies lately. Genesis isn’t alone when it comes to this. Subaru had just announced that the 2018...
by - April 23, 2017
Imagine a sports car morphing into an SUV. Chevrolet initially revealed the FNR Concept at the previous Shanghai Auto Show in 2015. For this year, Chevy once again graces the...
by - April 22, 2017
From the moment FCA kicked off with its 3-month-long ad campaign until the day it unveiled the new Dodge Challenger SRT Demon, folks have been guessing what the exact figures...
by - April 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries