While brand loyalty remains strong, analysts warn Trump’s tariffs may influence Singapore’s market
Tesla owners in Singapore appear largely indifferent to the impact of US politics on the carmaker, even as Elon Musk’s support for President Donald Trump has sparked controversy, declining sales, and protests abroad. Despite Tesla’s tarnished reputation in parts of Europe and the US, Singaporean buyers say their interest in the brand is driven purely by the car’s performance, not Musk’s political stance.
However, experts caution that this sentiment may shift if Trump’s economic policies begin to affect Singapore’s financial landscape.
Local Sales Remain Strong Amid Global Concerns
Earlier this month, Tesla’s stock suffered its worst drop since 2020, falling 15% after a UBS Group analyst revised delivery projections downward. Sales are expected to decline by 5% globally.
Yet, in Singapore, Tesla registrations have surged. According to the Land Transport Authority, 262 new Teslas were registered in the first two months of 2025, nearly doubling the 137 recorded in the same period last year.
During a live-streamed Q1 meeting, Musk highlighted the Model Y’s continued dominance, calling it “the best-selling car on Earth.”
Singaporean Tesla owners echoed this enthusiasm. Alvin Khoo, a 40-year-old Model Y Long Range driver, dismissed political influences, stating, “Macroeconomic factors are temporary. What matters is the company’s innovation.”
Likewise, accountant Malcolm Loh, who has owned a Model Y since 2022, said, “My decision had nothing to do with Musk—just as buying an iPhone isn’t about Tim Cook.”
Could Economic Shifts Change Perceptions?
While most Singaporean buyers remain unfazed by Tesla’s global image, some, like Jason, a local car owner, expressed concern over resale value rather than political associations. “Singapore’s car market is resilient. I don’t foresee Tesla’s depreciation being abnormal,” he said.
However, sociologist Tan Ern Ser from the Institute of Policy Studies suggested this outlook might not hold indefinitely. “If Trump’s tariffs hit Singapore’s economy, the perception of Tesla could change. Eventually, a car stops being just a car and becomes a political symbol.”
Despite Tesla’s stock plunging over 50% in recent months, Ark Investment Management CEO Cathie Wood remains bullish, predicting a future valuation of US$2,600 (S$3,473) per share—nearly 10 times its current worth. Investors have also taken advantage of the stock’s drop, with some purchasing Tesla shares for the first time.
As global economic shifts continue, Singapore’s Tesla market remains steady—for now.
