Reuters

Tesla EV sales boom in Singapore, pushing rivals’ models off the streets

In wealthy Singapore, where new vehicle registration is tightly controlled to manage the city state’s traffic and pollution, Tesla Inc is having a moment: surging sales are gobbling up rivals’ market share. The buying frenzy in one of the world’s most expensive places to own a vehicle – Tesla’s most basic Model 3 costs nearly S$200,000 ($148,300) in Singapore, largely due to an ownership levy, compared with less than $40,000 in the United States – underscores the U.S. firm’s ascent in the global auto industry. This week, Tesla surpassed $1 trillion in market value, overshadowing the combined value of five of its biggest rivals, Toyota Motor Corp, Volkswagen AG, Daimler AG, Ford Motor Co and General Motors.