Tesla Model Y launches in South Korea
Tesla has launched its electric SUV Model Y in South Korea, making its second model in the market after the Model 3 launched in 2019. The Model Y will be available in three trim levels, with the starting price for the standard range model set at 59.99 million won ($54,191).
The prices for the long-range model and the performance trim will start from 69.99 million won and 79.99 million won, respectively. Further, this year the South Korean government will only give the full subsidy amount to electric cars that are priced below 60 million won, meaning only those who buy the Model Y standard trim can get the subsidies in full up to 8 million won (about $7,000). Customers who purchase the long-range trim and the performance model of the Model Y will only receive half of the government subsidies.
Simultaneously with the Model Y launch, Tesla also launched the 2021 updated version of the Model 3 in South Korea. It will also be available in three trims, with prices starting at 54.79 million won. Additionally, Tesla Korea announced plans to establish supercharger stations in 27 locations across the country and add a maximum eight maintenance centers nationwide by the end of this year. This also likely means that the right to repair that was just forced upon the company in Europe, will not be spread to other markets without prompting.
It is also good timing for Tesla to expand their business in South Korea, as local manufacturer Hyundai has been struggling with recalls for their popular Kona model. As it stands, Tesla is currently responsible for one quarter of EV sales in South Korea, as well as making up almost 80% of their vehicle imports last year.
South Korea has been doing much to accelerate the adoption of electric vehicles in the Asian nation, and also recently announced plans to massively expand their EV charging network by another 3,000 rapid chargers this year alone. By 2025, the nation wants to expand their EV charging network to an impressive 500,000 charging stations. Hydrogen fuel stations are also accounted for, as Seoul prepares for a new mobility world.
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