Tesla began selling China-made Model 3 and Model Y models in Canada earlier this year.
(Image credit: CnEVPost)
Tesla (NASDAQ: TSLA) began selling the China-made Model Y crossover in South Korea and lowered the price to get more subsidies, Bloomberg reported today.
The rear-wheel-drive Model Y, priced at 56.99 million won ($44,000), drops to about $37,000 in Seoul after receiving government subsidies, and as low as $30,000 in some cities that offer additional incentives for electric vehicles (EVs), according to the report.
Previously, only the dual-motor performance and long-range versions of the Model Y were available in South Korea, selling for about $80,000 and $62,000, respectively, last year, the report noted.
The car went on sale Friday, with deliveries set to begin in August or September, the report said, citing an advertisement emailed by Tesla Korea.
Tesla has a factory in Shanghai that produces the Model 3 sedan and Model Y, with an annual capacity of more than 1 million units, making it the US EV maker’s largest factory in the world.
Giga Shanghai not only supplies vehicles to Chinese customers, but is also an export hub for Tesla.
On May 23, Reuters reported that Tesla will sell China-made Model 3 and Model Y models in Canada, confirming that it had completed its first shipments to North America from its Shanghai plant.
The rear-wheel-drive Model Y and long-range all-wheel-drive versions of the Model 3 were available for immediate delivery in British Columbia, with codes indicating they were built at Tesla’s Shanghai factory, Reuters reported at the time.
Tesla and other EV makers have a cost advantage in China, and exports to Canada open up a new market for Tesla Shanghai, the report noted.
Tesla sold 93,680 China-made vehicles in June, the second highest on record behind last November’s 100,291, according to the China Passenger Car Association (CPCA).
That includes 74,212 delivered in China and 19,468 exported.
In the first half of the year, Tesla sold 476,539 China-made vehicles, including 182,434 exported.
China exports over 2 million cars in H1, Tesla contributes 8.5%
