Crowds flock to see new Tesla Model Y ahead of release

Home > Business > Industry

Crowds flock to see new Tesla Model Y ahead of release

Published: 31 Mar. 2025, 17:19 Updated: 01 Apr. 2025, 13:43

Audio report: written by reporters, read by AI

Tesla Model Y [TESLA]

Hundreds of people lined up outside Tesla’s showroom at Starfield Hanam in Gyeonggi on Saturday to see the newly updated Model Y ahead of its official launch in Korea on April 2.

A queue stretching over 200 meters (656 feet) formed before the store opened at 11 a.m. Visitors waited up to 50 minutes to view the facelifted version of Tesla’s midsize electric SUV, codenamed “Juniper.”

The Model Y is drawing attention for its relatively low pricing. Tesla Korea priced the rear-wheel drive (RWD) version at 52.99 million won ($40,800), the long-range model at 63.14 million won and the limited Launch Series at 73 million won.

The RWD version, equipped with a lithium iron phosphate battery, offers a certified range of 400 kilometers (248.5 miles). The long-range and Launch Series models, using nickel cobalt manganese batteries, can travel up to 476 kilometers.

With government subsidies — estimated at around 3 million won in Seoul — the RWD model could be purchased in the high 40 million won range. That’s a 7 million won drop from the earlier RWD version, launched in 2021 at 59.99 million won. The pricing is notable, given the weak won and the typical price increase for new models.

The Model Y was Korea’s best-selling EV in 2023, with 18,717 units sold. But the market is tightening with Chinese brands entering more aggressively.

BYD plans to release its Atto 3, priced in the 30 million won range, in April. The Sea Lion 7 SUV is also expected soon. Zeekr, a premium EV brand under China’s Geely Auto Group, launched its Korean unit on March 28.

Meanwhile, the Polestar 4 will begin production later this year at Renault Korea’s Busan plant, likely lowering its price by nearly 10 million won from the current 66.9 million won.

Lee Ho-geun, an automotive engineering professor at Daedeok University, said Tesla aimed to keep the Model Y under Korea’s 53 million won threshold for full EV subsidies to stay competitive with Chinese brands.

“Without full subsidies, Tesla could lose ground,” Lee said.

Analysts also cite Elon Musk’s polarizing image as a factor in Tesla’s global sales slowdown. According to the European Automobile Manufacturers’ Association, Tesla’s February sales in Europe fell 40.1 percent year-on-year to 16,888 units.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.

BY KIM HYO-SEONG [[email protected]]