Tesla Launches Model Y And Refreshed Model 3 In South Korea

The Standard Range version gets the full subsidy.

By: Mark Kane

Feb 17, 2021 at 1:20pm ET

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Tesla has introduced the Model Y model in South Korea, where it will be sold alongside the refreshed Model 3.

According to the online design studio, all three versions were launched (Standard Range RWD, Long Range AWD and Performance AWD), although initially only the 5-seat layout (the 7-seat layout will follow).

Prices start at:

Standard Range RWD - 59.99 million won ($54,223)
Long Range AWD - 69.99 million won ($63,262)
Performance AWD - 79.99 million won ($72,301)

The cars below 60 million won, like the Tesla Model Y Standard Range RWD, can get the full subsidy of up to 8 million won (about $7,000), while those that are more expensive get only half of it. That should make the Model Y SR quite competitive.

Tesla Model 3

In the case of the Model 3, prices are as follows:

Standard Range RWD - 54.79 million won ($49,499)
Long Range AWD - 59.99 million won ($54,197)
Performance AWD - 74.79 million won ($67,568)

It means that two versions will be eligible for the full subsidy.

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Tesla has a pretty strong position in the South Korean EV market. According to the Korea Automobile Importers and Distributors Association (via The Korea Herald), Tesla accounted for a quarter of the total electric car sales in 2020.

In the case of imported EVs, Tesla represents 77.9% out of 15,183. That would mean over 11,800 Teslas. The entire EV market must then be at over 47,000.