SINGAPORE: Tesla Inc has cut prices of its Model 3 and Model Y vehicles in Singapore between 4.3% and 5%, its website showed on Friday.

Tesla cut prices on Real-Wheel Drive version of both Model 3 and Model Y by S$4,000 ($3,020), and Dual Motor All-Wheel Drive version of the two models by S$5,000, the website showed.

The US electric vehicle maker has been cutting prices of its vehicles in some markets this year including the United States and China to shore up demand, stoking concerns about worsening profitability among investors and analysts.

Last week, Tesla announced its fifth vehicle price reduction this year in the US market, as Washington prepares to introduce tougher standards that will limit EV tax credits.

Tesla to build battery plant in Shanghai

Tesla in January had offered limited-term discounts to buyers in Singapore who agreed to purchase existing inventory of the Model 3 or Model Y, but it did not make a general price cut at the time like it did in South Korea, Japan and Australia.