Tesla Expands Presence in S. Korean EV Market | Be Korea-savvy

Tesla Expands Presence in S. Korean EV Market

The Model 3 launched in South Korea. (image: Tesla Motors Inc.)

The Model 3 launched in South Korea. (image: Tesla Motors Inc.)

SEOUL, March 5 (Korea Bizwire)U.S. carmaker Tesla Motors Inc. is speeding up expansion in the South Korean market for electric vehicles (EVs) with its Model 3.

The Ministry of Land, Infrastructure and Transport reported that Tesla sold 1,433 cars last month, setting a new monthly sales record in South Korea since it joined the market in 2017.

Tesla jumped to third place among imported car brands after Mercedes-Benz and BMW.

The American carmaker expanded its presence in the South Korean EV market after accounting for 48 percent of the 2,988 vehicles sold last month.

Tesla’s success was mainly led by the Model 3, which is gaining massive popularity worldwide thanks to its affordable price compared to the Model S and Model X.

The price of a Model 3 in South Korea ranges between 53.7 million and 73.7 million won (US$45,000-62,000). Subsidies between 13.5 million won and 19 million won are available.

The Model 3 accounted for 98 percent (1,402 cars) of all Tesla sales, jumping to third place among imported cars after the E-Class from Mercedes-Benz (1,606 cars) and BMW 5 Series (1,448 cars).

Tesla’s most affordable car is expected to be released in large numbers this month, leading many to believe that sales will continue to grow.

Experts argue that Tesla may become South Korea’s new leader in the EV market if it succeeds in carrying on with the current level of performance.

H. M. Kang (hmkang@koreabizwire.com)

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