Tesla’s 90D qualifies for government subsidiesBuyers of Tesla’s Model S 90D can now receive subsidies from the Korean government after the Ministry of Environment eased regulations related to battery charging time.
The ministry on Thursday notified Tesla of its decision to include the Model S 90D sedan as one of the electric cars eligible for a central government subsidy worth 14 million won ($12,300) and a provincial government subsidy of up to 10 million won, a person familiar with the matter said over phone on Friday.
The central government subsidy is fixed, but the provincial government subsidies range from 5 million to 10 million won. This means a customer who purchases the 90D for a retail price of 113 million won can benefit from a price cut of up to 24 million won if he or she registers the car in Cheongju, North Chungcheong, a ministry official said.
A Seoul-based spokeswoman for Tesla confirmed that those who buy the 90D can receive subsidies from the government. Under previous regulations, an electric vehicle that takes more than 10 hours to fully charge was not eligible for subsidies, but the government recently lifted the regulation, paving the way for the U.S. electric carmaker to expand into the Korean market.
Still, two other models currently available in the market, the Model S 75D and 100D, have yet to be added to the list of subsidy-eligible cars. The process is still under way to allow the two models to join the 90D, the official said. The 75D and 100D are available for 97 million won and 121 million won, respectively.
Tesla entered the Korean market in March and set up two showrooms, in Seoul and Hanam, Gyeonggi. It has been aggressively building charging stations exclusively for its own electric vehicles, including seven rapid chargers, or “superchargers,” and 93 slow-charging stations known as “destination chargers,” and will continue to add more to woo local customers. It takes 75 minutes to fully charge Tesla models at superchargers.
Tesla’s other models, the Model X and Model 3, have yet to gain approval for sale from the Korean government.