Renowned electric vehicle manufacturer Tesla Inc. introduces Chinese-made Model Y SUVs in the South Korean market. Tesla Model Y South Korea, Tesla’s move makes EVs more accessible to Korean consumers by reducing prices and offering additional subsidies. Tesla Korea’s official website now offers the rear-wheel drive model at a price of 56,990,000 won ($44,000). With government subsidies, the price is further reduced to approximately $37,000 in Seoul and can go as low as $30,000 in select cities that provide extra incentives for EVs.
A Shift in Tesla’s Lineup
Last year, Korea had only dual-motor performance and long-range versions of the Model Y, priced around $80,000 and $62,000. Tesla aims to expand its market share in South Korea’s EV segment with a more affordable rear-wheel drive model. Tesla Korea’s emailed advertisement confirmed that they began selling the new model on Friday, with deliveries expected to commence in August or September.
Competing with Hyundai’s Ioniq 5
Tesla’s move coincides with Hyundai’s Ioniq 5 electric SUV, priced at approximately 50 million won, making waves in the market. Tesla Model Y South Korea’s affordable Model broadens mid-range EV options, considering affordability as a key factor in consumer purchasing decisions.
A Growing Demand for Clean Vehicles in Korea
The shift towards electric mobility in South Korea is gaining momentum. In 2022, clean vehicles, including battery-powered hybrids and hydrogen vehicles, accounted for around 6.2% of cars in Korea. Clean car sales surged by 37.2% YoY, with EVs representing nearly 34% of the total, indicating a significant growth trend.
Conclusion
Tesla’s affordable Chinese-made Model Y in South Korea demonstrates the company’s commitment to expanding EV accessibility. Tesla aims to challenge Hyundai’s Ioniq 5 and strengthen its position as a leading player in the EV industry. Affordable electric SUVs contribute to a greener future as consumers prioritize sustainable transportation options.
