Tesla has hiked prices on its EVs in South Korea. The latest price increase coincides with the kickoff of second-half government subsidies.
Tesla buyers in Korea now have to pay more. The automaker recently increased prices of its wares, sparing only the Model Y Premium. The Model 3 RWD now costs 46.99 million Korean won, up from 41.99 million Korean won.
The Model 3 Long Range now sells for 52.99 million Korean won, up 7 million Korean won (C$6,400/US$4,500). Tesla increased the price of the Model 3 Performance by 5 million Korean won, bringing it to 69.99 million Korean won.
While the Model Y Premium RWD remained unchanged at 49.99 million Korean won, the Long Range AWD version of the electric SUV now costs 3 million Korean won, at 66.99 million Korean won. The six-seater Model YL sells for 72.99 million Korean won, up 3 million Korean won. (via @Tslachan)
Tesla’s timing with the price hikes will raise a few eyebrows. The South Korean government, through the Ministry of Climate, Energy and Environment, has just signed off on an evaluation of an EV distribution project. The result was that EV subsidies were dropped for some automakers, notably including BYD. The companies were evaluated on their technology and supply chain footprint.
Previously, there had been complaints that the government discriminated against foreign car brands, including Tesla. However, the American company could now face criticism for announcing price increases on the first day of the new subsidy regime.
Tesla, meanwhile, continues to dominate the South Korean auto market. Its Model Y topped the bestseller list in May, with more than 7,000 units imported. The car maker may soon start selling the Model Y RWD based on certification document filings.
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