Tesla Slashes Model 3 Prices in Korea, Pushing Entry Cost Into the 30 Million Won Range

Tesla has lowered prices for its Model 3 sedan in South Korea, positioning the vehicle more competitively ahead of new model launches by rival automakers.

Tesla Korea announced that the Model 3 Standard Rear-Wheel Drive (RWD) is now priced at 41.99 million won, while the Model 3 Long Range RWD is priced at 52.99 million won.

The Model 3 Standard and Long Range variants qualify for government subsidies of 1.68 million won and 4.2 million won, respectively. When combined with local government incentives, the effective purchase price of the Standard model can fall to the high 30 million won range.

Tesla recorded 59,916 passenger vehicle registrations in South Korea last year, more than doubling its year-on-year sales. The company secured a 19.5% market share, ranking third among imported car brands, following BMW and Mercedes-Benz.

The price adjustment follows Tesla’s aggressive pricing strategy implemented late last year, when it cut prices on key models by as much as 9.4 million won to expand its presence in the Korean market.

Tesla is also preparing to introduce additional mass-market models, including the Model Y. The long-wheelbase version of the Model Y has completed emissions and noise certification in South Korea, while detailed pricing and launch schedules have yet to be announced.