Tim Shim News Today

Tesla Inc’s Model 3 was Singapore’s top-selling sedan for the first time in September, as Elon Musk’s electric vehicle pioneer starts to make inroads in the world’s most expensive auto market.

Singapore is experiencing an EV boom and Tesla is pushing its rivals out of contention, thanks to the city state’s tightly controlled new vehicle registration laws. By the way, an entry-level Model 3 costs nearly S$200,000 over there, which is the equivalent of $148,000. In the U.S. the same car would cost you less than $40,000.

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 number of new Teslas on Singapore roads has risen more than 10-fold to 487 in the third quarter, from just 30 in the first half, data from Singapore's Land Transport Authority shows.