Tesla, the Texas-based automaker, has secured an environmental certificate. That’s for the Model Y Rear-Wheel Drive (RWD) manufactured in Shanghai, China. Most importantly, it is getting ready to launch sales of this model in South Korea.
For the certification process from the Ministry of Environment is required before automakers can sell their vehicles in Korea. The certified Model Y RWD for the Korean market. For it will feature lithium iron phosphate (LFP) batteries. All supplied by Contemporary Amperex Technology Co. (CATL) from China.
Tesla Model Y RWD Pricing
In Korea, Tesla’s Model Y Long Range, equipped with a lithium-ion battery. It is also priced at approximately ₩78,747,000 ($61,716.73 USD). All which is 25% higher than the equivalent model available in China.
Furthermore, reports suggest that the Model Y RWD is eligible for state subsidies. Now then it will be priced at around ₩57 million ($44,647.63 USD) in Korea. This pricing is expected to make the vehicle more accessible to Korean consumers, as the RWD model will be eligible for state subsidies.
Comparison with Other Tesla Models
When Tesla first launched Model Y sales in Korea in 2021, it offered the Model Y Standard Range. However, it was abruptly removed from the Design Studio a few days later. Prior to being pulled, it was priced at ₩59,990,000 ($61,700 CAD). The Model Y RWD is a more affordable option for consumers, which is expected to increase demand for Tesla vehicles in Korea.
Model Y RWD Launch in Other Markets
Tesla’s decision to launch Model Y RWD sales from Giga Shanghai in South Korea follows the same decision made for the Canadian market. Tesla added the Model Y RWD to the Canadian Design studio last month, pricing it below the threshold to qualify for the $5,000 federal rebate. Under the program, this also allowed the Model Y Long Range to qualify for the incentive. The first shipment of cars has already arrived from China, with some of those cars finding their way to existing inventory, while a second shipment is currently on its way to the Canada from Shanghai.
Battery Type and Range
The Model Y RWD for the Korean market will feature LFP batteries, which are more affordable than the lithium-ion batteries used in the Long Range model. These batteries have a lower energy density than lithium-ion batteries, but they are safer and have a longer lifespan. The Model Y RWD is expected to have a range of around 500 km, which is similar to the Long Range model.
Tesla’s Expansion in South Korea
Tesla has been expanding its presence in South Korea, with the opening of its first showroom in Seoul in 2017. The company has continued to increase its investment in the country, with plans to build a manufacturing plant in the near future. This plant will produce batteries and electric vehicles, including the Model 3 and the Model Y. Tesla’s expansion in South Korea is part of its strategy to increase its global market share and meet the growing demand for electric vehicles worldwide.
South Korea’s Electric Vehicle Market
South Korea is a rapidly growing market for electric vehicles. Especially with the government offering incentives for EV purchases. So I mean investing in charging infrastructure. In 2020, the country had the fifth-largest number of electric vehicles on the road globally. That’s with over 100,000 EVs registered. By 2030, the government aims to have 8 million electric vehicles on the road. Tesla is well-positioned to take advantage of this growing market. That’s with its reputation for producing high-quality electric vehicles.
Conclusion
The launch of the Tesla Model Y RWD in South Korea is a significant step for the company’s expansion in the country. By offering a more affordable model with a longer range is good. For Tesla is expected to increase demand for its vehicles in the Korean market. The company’s investment in South Korea, including plans for a manufacturing plant. This highlights its commitment to meeting the growing demand for electric vehicles worldwide. Finally, as South Korea continues to invest in EVs and charging infrastructure, watch out. Because Tesla is so well-positioned to capitalize on this growing market
