Cover Photo: Milan Csizmadia / Unsplash

Ever since the world's most famous electric vehicle brand landed on our shores in July this year, people have been going on a buying frenzy over Tesla

Elon Musk's Tesla has made a name for itself around the world in the vehicle and environmental industry for its spearheading of premier energy storage properties, solar panels and electric motor car systems in general. In Singapore, this is no exception.

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On October 18, Tesla reportedly became the best-selling electric vehicle brand in Singapore after only entering the market for two months. It has also been listed as the sixth best-selling car brand in the country overall, with the brand outranking car brands like Nissan, Audi and Kia, as stated by the Land Transport Authority (LTA) in its September 2021 data.

There was a massive surge in Tesla car sales, whereby the brand sold a total of 314 cars in September alone—twice the number of cars sold as compared to August.

LTA also revealed in another set of data that the number of new Teslas on Singapore roads had increased to 487 in the third quarter, compared to just eight in back in July. This is a stark contrast to the first half of the year when only five new Tesla registrations were recorded after the launch of its sales portal in February.

Overall, the company made up 1.4 per cent of 36,629 new car registrations in Singapore this year, beating the country's top player Toyota’s 20.4 per cent.

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This massive buying frenzy of Teslas in Singapore is certainly a novelty in a country dubbed as one of the world’s most expensive places to own a vehicle. Even though Tesla’s website states that new buyers need to wait for four to 12 weeks to receive their cars, this delay does not seem to faze buyers.

Also, while there is a limited selection of models with only the Tesla Model 3 available in the country, buyers can't wait to get their hands on it. It comes in two different versions: the Model 3 (Standard Range Plus) and Model 3 (Performance). In Singapore, the basic Tesla Model 3 costs between $160,000 and $200,000 without any add-ons.

The exact cause in the surge in sales is still unknown, but it is likely due to the huge subsidy of $45,000 that is granted for electric vehicle buyers, as announced by the Singapore government earlier this year.

Furthermore, Tesla surpassed US$1 trillion in market value in October, which exceeded the combined value of its five biggest rivals: Toyota Motor Corp, Volkswagen AG, Daimler AG, Ford Motor Co, and General Motors, making it one of the most competitive car brands in the world today.

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