Tesla's Standard Model 3 sedan priced in 30 million won range after gov't subsidies

Tesla has slashed the effective price of its entry-level Model 3 sedan in Korea, allowing buyers to purchase the vehicle in the high 30 million won ($20,330) range after subsidies.

Tesla's entry-level Model 3 sedan [SCREEN CAPTURE]

Tesla has slashed the effective price of its entry-level Model 3 sedan in Korea, allowing buyers to purchase the vehicle in the high 30 million won ($20,330) range after subsidies.

Tesla Korea has set the domestic price of the Model 3 Standard rear-wheel drive (RWD) at 41.99 million won and the Long Range RWD at 52.99 million won, according to an exclusive report by the JoongAng Ilbo.

EVs are eligible for both central and local government subsidies.

The Model 3 Standard RWD and Long Range RWD qualify for national subsidies of 1.68 million won and 4.2 million won, respectively. With additional local government subsidies and generous incentives, the price of the Standard model can fall to the upper 30 million won range.

The move is widely seen as part of Tesla's effort to expand its market share in Korea. The company also introduced aggressive discounts late last year, cutting prices on some models by as much as 9.4 million won.

Tesla sold 7,632 vehicles in Korea in November 2025 and reclaimed the top spot in monthly imported car sales, overtaking traditional market leaders Mercedes-Benz and BMW. The automaker had held the No. 1 position for three consecutive months from July through September 2025 before briefly falling behind BMW in October that year.

According to the Korea Automobile Importers and Distributors Association, Tesla sold 59,916 vehicles in Korea last year, more than doubling its sales from 29,750 units in 2024. That figure ranked Tesla third among imported car brands, behind BMW with 77,127 units and Mercedes-Benz with 68,467.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

BY KIM JI-HYE [seo.jieun1@joongang.co.kr]