Tesla has started selling its Model Y rear-wheel drive car in South Korea at a price that qualifies for the highest level of government subsidies for electric vehicles, the company said on Friday.
The Model Y, which has a driving range of 350 kilometres and a top speed of around 217 km per hour, is priced at 56.99 million won ($45,139) on Tesla’s website. The car is available for delivery between August and September.
With subsidies of up to 8.6 million won from the Seoul city government for EVs priced below 57 million won, and Tesla’s referral programme that offers discounts and benefits, the price of the Model Y can be reduced further to below 50 million won, the company said.
The Model Y is Tesla’s second vehicle to be launched in South Korea this year, following the Model 3 Standard Range Plus in March. The company also sells the Model S and Model X in the country.
Tesla has been expanding its presence in South Korea, where it faces competition from domestic rivals such as Hyundai Motor and Kia Corp, as well as other global EV makers such as Volkswagen and BMW.
According to data from the Korea Automobile Manufacturers Association, Tesla sold 9,208 vehicles in South Korea in the first half of this year, up 58% from a year earlier. It ranked fourth among imported car brands, behind Mercedes-Benz, BMW and Audi.
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