Shulou(Shulou.com)11/24 Report--

Beijing, Nov. 28 (Xinhua) Tesla's Model Y is a global success and is expected to become one of the top five best-selling models this year and the only electric car on the list. In the first nine months of this year, more than 500000 Model Ys were snapped up. However, the price of Model Y varies greatly from country to country.

Domestic Model Y at present, mainland China is the cheapest place in the world to sell Model Y. After a price cut last month, Model Y now starts at 288900 yuan ($40500), slightly more than half the retail price in the United States. The most expensive place is Singapore. It costs consumers 142471 Singapore dollars (US $103800) to buy a Model Y on the island, not including consumption tax and registration tax, which double the overall price of the car.

So why is there such a big gap in the price of Model Y? "cars in places such as Singapore and Israel are usually more expensive because taxes, tariffs and registration fees are higher than in China and Europe," said Seth Goldstein, equity strategist at Morningstar Research Services and chairman of the electric vehicles committee. "supply and demand, as well as the level of market competition, are also pricing factors."

Yes, indeed. The price of a Tesla in Singapore may be equivalent to that of an apartment. In this city-state, cars are so expensive because of the limited number of car ownership licenses (designed to control the growth of vehicles on the island). These car ownership certificates must be auctioned twice a month and drivers are allowed to own cars for 10 years. In November last year, the price of Tesla's car ownership certificate rose to a record S $116577, almost the same as the price of an Model Y.

In China, the situation is completely different. China is not only the largest electric vehicle market in the world, but also a highly competitive market. From established carmakers such as BYD to up-and-comers such as Xilai, local competitors are rapidly following Tesla through the launch of new models and promotions. Local carmakers accounted for nearly 80 per cent of electric vehicle sales in the first seven months of 2022, according to data released by the china passenger car association.

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