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.