Tesla Inc. has started selling Chinese-made Model Y sports utility vehicles in South Korea, slashing the price to be eligible for more subsidies.
The rear-wheel drive model is priced at 56,990,000 won ($44,000), according to Tesla Korea’s official website. With government subsidies, that drops to about $37,000 in Seoul, and as low as $30,000 in some cities that offer extra incentives for EVs.
Previously, the only Model Ys available in Korea were the dual-motor performance and long range versions, which cost around $80,000 and $62,000 respectively last year.
Sales started Friday with delivery for August or September, according to an emailed advertisement from Tesla Korea.
Korean automaker Hyundai Motor Co.’s Ioniq 5 electric SUV has a starting price of about 50 million won.
About 6.2% of cars in Korea in 2022 were clean vehicles, which includes battery-powered, hybrid and hydrogen vehicles, according to government figures. Sales of clean cars jumped 37.2% last year from the year before, with EVs accounting for almost 34% of the total.
--With assistance from Danny Lee.
