Tesla (NASDAQ: TSLA) has cut prices for its electric vehicles (EVs) by as much as 14% in South Korea, following similar price cuts in markets such as China and the United States.
This brings prices for all trims below the KRW 85 million subsidy cap. South Korea’s Ministry of Environment has announced a KRW 2.6 million subsidy for Tesla EVs.
The price of the base trim of the Model 3 has been reduced from KRW 63.43 million to KRW 59.9 million, a decrease of 5.6%.
The Model 3 Performance price was reduced by 14.3% from KRW 88.17 million to KRW 75.59 million.
The Model Y Long Range price decreased by 8.4% from KRW 84.99 million to KRW 77.89 million, while the price of the Model Y Performance decreased by 12.7% from KRW 94.73 million to KRW 82.69 million.
Last year, Tesla achieved the highest electric vehicle prices in South Korea in June and July.
The Model Y Performance was priced at KRW 104.73 million, while the Model 3 was priced at KRW 70.34 million.
However, due to the drop in demand caused by the interest rate hikes, prices were lowered slightly last month, and further price cuts were made on July 3.
Since the beginning of the year, Tesla has changed its pricing policy in markets such as China and the United States, reducing selling prices by up to 20%.
The company’s latest move in South Korea shows it remains committed to expanding its presence and improving product access.