Tesla now has a subsidy set in Korea.
I see this true news lol

Tesla #Korea #Subsidies

---

[Weekly Trend] Tesla, which is leading the electric vehicle era, is once again targeting the Korean market. On April 4, Tesla unveiled the price of its electric vehicle “Model 3,” which has undergone partial changes. Tesla implemented a price policy that was jagged to the point where the word “market price” was mentioned, but the price that was released on the same day has returned to the level of 2021. Based on the four-wheel drive (Model 3 Long Range) vehicle, it was KRW 59.99 million from three years ago. The rear-wheel drive (RWD) model equipped with a Chinese-made lithium iron phosphate (LFP) battery was KRW 59.99 million. Although the amount of electric vehicle subsidies for the RWD model has not yet been confirmed, the actual purchase price excluding taxes is likely to fall below KRW 50 million.

In the past, Tesla introduced aggressive sales strategies when unveiling new cars. Latecomers had no choice but to follow Tesla’s policy. In fact, in 2021, when the government set the price of a vehicle that can receive a 100% electric vehicle purchase subsidy at less than 60 million won, Tesla set the sales price of its flagship Model 3 long range at 59.99 million won, down by just 10,000 won from 60 million won. Since then, this type of pricing has become the basis of the electric vehicle sales strategy.

Last year, the company introduced an RWD model that is equipped with Chinese lithium iron phosphate (LFP) batteries on the Model Y. It seemed to fail in Korea, where doubts over the safety of electric vehicles and distrust of Chinese-made batteries exist. However, according to data released by the Korea Automobile Importers and Distributors Association on April 3, 5,934 units of the Model Y were sold last month alone. It ranks first in sales among all imported cars including internal combustion engines. Contrary to concerns over Chinese LFP batteries from the media and Internet users, the actual market responded to Tesla’s pricing policy.

Tesla’s moves seem unconventional, but they are consistent. Cutting costs and reducing actual purchases through this is the clear direction Tesla has taken. This direction is also followed by reducing logistics costs by installing relatively cheap Chinese-made LFP batteries or producing vehicles at its Gigafactory in China. According to past examples, it is time for latecomers to consider lowering electric vehicle prices.

However, there is not much strategy in the domestic electric vehicle industry to cut prices through technological development. This is because there is no need to do so. In fact, the new Ioniq 5 that Hyundai introduced as a partial change to its flagship electric vehicle was the same as the previous model. It is not because it is cheap in the first place. The Ioniq 5 four-wheeled model ranges from 57 million won to 64 million won. Some models of Hyundai are also more expensive than Tesla. Despite this, they are still competitive in price. This is due to government subsidies for electric vehicles in Hyundai’s favor. According to this year’s regulations, the Hyundai Ioniq 5 and Ioniq 6 will be 100% eligible for government subsidies. On the other hand, Tesla cannot receive 100% of the subsidy regardless of which model it chooses. This is why critics say that government subsidies designed to “expand the spread of eco-friendly vehicles” only protect industries.