Tesla starts selling Chinese-made Model Y in South Korea for 56.99 million won

TESLA has started selling Chinese-made Model Y sport utility vehicles (SUVs) in South Korea, slashing the price to be eligible for more subsidies.

The rear-wheel drive model is priced at 56.99 million won (S$59,483), according to Tesla Korea’s official website. With government subsidies, that drops to about US$37,000 in Seoul, and as low as US$30,000 in some cities that offer extra incentives for electric vehicles (EVs). 

Previously, the only Model Ys available in South Korea were the dual-motor performance and long range versions, which cost around US$80,000 and US$62,000 respectively last year. 

Sales started on Friday (Jul 14) with delivery for August or September, according to an advertisement from Tesla Korea. 

South Korean automaker Hyundai Motor’s Ioniq 5 electric SUV has a starting price of about 50 million won.

About 6.2 per cent of cars in South Korea in 2022 were clean vehicles, which includes battery-powered, hybrid and hydrogen vehicles, based on government figures. Sales of clean cars jumped 37.2 per cent last year from the year before, with EVs accounting for almost 34 per cent of the total. BLOOMBERG