Tesla Korea raised prices on its core models, the "Model 3" and "Model Y," by up to 7 million won. It came just a day after passing the government's electric vehicle subsidies evaluation.
According to the auto industry on the 1st, Tesla Korea raised the price of the sedan "Model 3 rear-wheel drive (RWD)" by 5 million won, from 41.99 million won to 46.99 million won, starting that day. The "Model 3 Premium Long Range RWD" rose by 7 million won, from 52.99 million won to 59.99 million won, and the "Model 3 Performance" increased by 5 million won, from 64.99 million won to 69.99 million won.
The sport utility vehicle (SUV) "Model Y Premium Long Range AWD" and "Model Y L" were each raised by 3 million won to 66.99 million won and 72.99 million won, respectively.
The price hikes came on the first day that second-half subsidies began to be paid under the Ministry of Climate, Energy and Environment's "electric vehicle supply project performance evaluation." The day before, the ministry said it had selected 27 companies, including Tesla Korea, as eligible for subsidies. BYD Korea, which had previously received subsidies, was dropped.
According to the Korea Automobile Importers & Distributors Association (KAIDA), Tesla is leading the domestic EV market this year, selling 45,020 units in Korea in January–May, up 250.8% from a year earlier. The Model Y sold 34,171 units, and the Model 3 sold 8,447. Among this year's top 10 best-selling cars, excluding Tesla, the only EV is BYD's "Sea Lion 7."