April 25, 2024

• 

[THE INVESTOR] Tesla is opening its flagship stores in Korea next month -- one in Hanam, Gyeonggi Province, on March 15 and another in Cheongdam-dong, Seoul, on March 17.

The Korean unit on Feb. 28 sent an email to customers announcing the official store openings. 

The carmaker said it will also start a test-drive program for the Model S 90D, the first Tesla car to have received government certification for sales here.

The full-electric sport sedan can drive 378 kilometers on a single charge. The retail price starts at 121 million won (US$107,000) and can go up to 161 million won with the Autopilot feature included.

The car, however, cannot benefit from government subsidies worth up to 22 million won for EV purchase. In order to receive the cash incentives, an electric vehicle should be charged in less than 10 hours with a 7-kilowatt-hour low-speed charger. Tesla’s Model S takes at least 14 hours to be fully charged. Its luxury SUV Model X also fails to meet the requirements.

Its upcoming Model 3 with two 44-kilowatt-hour and 66-kilowatt-hour battery models is expected to benefit from government subsidies.

The carmaker has already started receiving preorders for the Model S, with the first shipment slated for June.

By Lee Ji-yoon (jylee@heraldcorp.com)