April 26, 2024

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[THE INVESTOR]  US electric vehicle maker Tesla has started receiving orders for its luxury Model S sport sedan in Korea, according to media reports on Feb. 23, ahead of its official launch here in May. 

Tesla Korea, the local distributor of Tesla, notified the customers that placed a preorder for Model S 90D last year to finalize their order on its website. 

The price of Model S 90D -- the first Tesla model that received government certification to sell here -- starts at 121 million won (US$106,489) and can go up to 161 million won when Autopilot feature is added in. 

Tesla, however, failed to meet the requirement for the government subsidy that provides up to 22 million won. In order to be eligible for the generous incentives, an EV has to be fully charged in less than 10 hours with a 7 kilowatt-hour low-speed charger. But Tesla Model S takes at least 14 hours to fully charge its 70 kilowatt-hour or 90 kilowatt-hour battery equipped cars. 

Without the government subsidy, market watchers are concerned that the car can lose competitiveness with local rivals. 

The Model S can drive 378 kilometers on a single charge, outpacing its current rivals, including Hyundai Ioniq with 191 kilometers driving range and Kia Soul with 148 kilometers. However it falls short from Chevrolet Bolt, General Motor’s first fully electric vehicle that will roll out in March here. 

According to sources, Tesla is set to open its first two flagship stores, one in Hanam Starfield Mall in Gyeonggi Province and the other in Cheongdam-dong, southern Seoul, around May.

By Ahn Sung-mi (sahn@heraldcorp.com)