Tesla Model 3 Hits South Korean Market Costing $26,000

With subsidies from the government, Tesla Model 3 is finally released in South Korean for the equivalent price of $26,000. 

Previously, customers have been given an incentive of around $21,000 (26 million won) to buy electric vehicles inside the country. The problem is that this incentive would only work for EVs that could charge 100% of its battery in less than 10 hours on a standard outlet.

This is not an impossible achievement, but of course, smaller cars would have an advantage since their smaller batteries wouldn’t take as much time to reload. This made other Tesla models, such as S and X, have a more expensive value.

Model 3 started with a price of $43,000 (52 million won).

With the subside, it is expected for EVs to grow inside South Korean since the Car Market makes a lot of money inside the Asian country. Will Tesla be able to compete with local brands?