Sourth Koreans flocking to Tesla showrooms as the world’s cheapest Model 3 launches in the country

Tesla launched their least expensive electric car the Tesla Model 3 in South Korea earlier this week, customers and Tesla enthusiasts and customers are flocking to the showrooms to see a glimpse of the car they have been waiting for so long — South Koreans are able to enjoy the least expensive Model 3 available anywhere in the world yet, thanks to their federal and provincial electric vehicle grants.

Tesla customers in South Korea can buy an Standard Range Plus Model 3 for as low as $26.5k (~32.25 million won) after the 9 million won/$7.4k USD federal government grant and up to 11 million won/$9k USD provincial EV benefits — this is by far the most affordable Tesla Model 3 anywhere around the globe yet.

Due to the higher price tags of the flagship Tesla Model S sedan and the Model X SUV, Tesla Inc. has not been able to penetrate much deeper in to the Korean market since their first presence in the country in 2017 but with the cost effectiveness of the Model 3, Tesla might be able to break the barriers stopping them from becoming mass market in the country.

Like the United States, Tesla has introduced the three variants of the Model 3 in South Korea, Standard Range Plus, Long Range AWD, Performance AWD, the prices listed for all these variants are as follows (without incentives):

• Standard Range Plus – ₩52,390,000 ($43,048 USD)
• Dual-Motor AWD Long Range – ₩ 62,390,000 ($51,265 USD)
• Dual-Motor Performance – ₩ 72,390,000 ($59,482 USD*)

Tesla (TSLA) is fast opening up new markets one by one, in the month of August they already have sent shipments to New Zealand and Australia and increasing deliveries to the United Kingdome as well, likely the Q3, 2019 production and delivery numbers will even surpass the Q2, 2019 record.

South Koreans along with the Japanese are technology lovers and first adopters, Tesla Model 3 being one of the most advanced production automobiles should be able to catch the attention of the curious minds from the country.

Tesla has tough competition to deal with in South Korea such as Hyundai and KIA — Hyundai Kona Electric is getting some rave reviews from the likes of Fully Charged and beyond but Tesla Model 3 is also a hard nut to crack for the East Asian countries with their current level of technological advancements.

*Conversion rates are Google estimated.