Tesla launches compact SUV Model Y in S. Korea

Tesla Inc. launched its Model Y, a compact SUV, in three trim levels in South Korea as it tries to boost sales in the country.

The starting price for the standard range model is set at 59.99 million won, which those for the long-range model and performance trim are to start from 69.99 million won and 79.99 million won.

Starting this year, South Korea will give the full amount of government subsidies to electric cars that are priced below 60 million won.

So far, the subsidies apply only to those who buy the Model Y standard trim.

Meanwhile, those purchasing the Model Y long-range and performance trims get half of the government subsidies.

The Model Y offers five-seat and seven-seat options, but the latter will be introduced in South Korea later.

The Model Y's launch in South Korea follows that of the Model 3 in August 2019.

It is also the first time in nearly three years for Tesla to bring in an SUV model to South Korea after the Model X in 2018.

The US electric vehicle maker launched the 2021 version of the Model 3 sedan also available in three trims with the price starting from 54.79 million won.

Tesla accounted for a quarter of EV sales in South Korea last year, according to the Korea Automobile Importers and Distributors Association.

The data also revealed that imported EV sales in South Korea reached 15,183 units in 2020, with Tesla representing 77.9 percent.

With the growing number of its vehicles in the country, Tesla Korea will establish supercharger stations in 27 spots and add eight maintenance centers nationwide within the year.