Tesla Korea raised prices on some models, including increasing the price of the midsize electric sport utility vehicle (SUV) Model YL by 5 million won. Industry analysts say the move is a response to the won's depreciation and a recent rise in domestic demand.
According to the auto industry on the 10th, Tesla Korea raised the price of the Model YL by 5 million won this morning, from 64.99 million won to 69.99 million won. The Model YL opened for preorders when it was unveiled on the website on the 3rd, and its price went up in just a week.
Tesla Korea also raised the price of the Model Y Long Range AWD from 59.99 million won to 63.99 million won, up 4 million won. The midsize electric sedan Model 3 Performance increased by 5 million won, from 59.99 million won to 64.99 million won.
The latest price hikes came three months after Tesla Korea cut the Model Y price by 3 million won in December last year, from 52.99 million won to 49.99 million won.
Tesla's price increases have prompted various guesses. Recently in Korea, electric vehicle sales have surged sharply thanks to expanded subsidies such as support for EV transition and price-cut policies by automakers. Because prices are typically lowered to clear inventory, some analysts say inventories have likely been depleted.
With a new model launch approaching and prices rising, the impact of the weaker won is also being cited.
Earlier, Tesla sold 11,130 units last month, marking a 330% increase from a year earlier. It joined the 10,000-units-per-month club for the first time as a single brand. It has been nine years since Tesla entered the Korean market.