Key points
- Tesla begins selling Model Y in South Korea at 56.99 million Won
- Shares up 125.6% year-to-date after 2022 drop
According to Tesla Inc’s website, the US company started to sell its Model Y rear-wheel drive car on Friday in South Korea at a lower price of 56.99 million Won (~$45,140).
This way the vehicle became eligible for the maximum rate of South Korea government subsidies.
South Korean clients are able to take advantage of subsidies of up to 8.6 million Won for electric vehicles, whose price is under 57 million Won.
The subsidies, combined with Tesla’s referral programme, could push the vehicle’s price even further down to under 50 million Won, the electric car maker said.
The Model Y will be available for delivery between August and September. The car has a driving range of 350 kilometers and can achieve a top speed of 217 kilometers per hour.
The shares of Tesla Inc (TSLA) closed 2.17% ($5.91) higher at $277.90 on Nasdaq on Thursday, as it extended the gains from the previous two trading sessions. It has been the sharpest single-session gain since July 3rd.
The electric vehicle maker’s total market cap now stands at $880.804 billion.
The shares of Tesla Inc went down 65.03% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The auto maker’s shares have risen 125.60% so far this year.
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