Tesla Korea Raises Model 3 and Model Y Prices by up to 7 Million Won

Tesla Korea Raises Model 3 and Model Y Prices by up to 7 Million Won

U.S. electric vehicle manufacturer Tesla raised its domestic sales prices by up to 7 million won on the 1st.

According to the industry, Tesla Korea raised the price of the 'Model 3 Premium Long Range RWD' from the previous 52.99 million won to 59.99 million won as of this day.

The 'Model 3 RWD' and 'Model 3 Performance' increased by 5 million won each, to 46.99 million won and 69.99 million won, respectively.

The 'Model Y Premium Long Range AWD' and 'Model Y L' were both increased by 3 million won each, to 66.99 million won and 72.99 million won, respectively.

This price increase comes just one day after the government decided to maintain electric vehicle purchase subsidies for 27 companies, including Tesla Korea.

The 'Evaluation for Selection of Electric Vehicle Supply Project Implementers' announced by the Ministry of Climate, Energy, and Environment the previous day is a system designed to ensure that only vehicle manufacturers and importers who contribute to the domestic electric vehicle ecosystem receive purchase subsidy benefits.

A Tesla Korea official explained, 'There has been pressure to raise prices due to factors such as exchange rates and rising raw material costs,' adding, 'We had no choice but to increase prices regardless of subsidies.'

From January to May this year, Tesla led the domestic electric vehicle market by selling 45,020 units, a sharp increase of 250.8% compared to the same period last year. 34,171 Model Ys and 8,447 Model 3s were sold.