Prices of some Tesla models cut in South Korea -official

SEOUL (Reuters) – Tesla Inc has cut prices of some of its car models in South Korea, a local Tesla sales official said on Friday, the second straight month the U.S. electric vehicle maker has lowered prices.

The price of the basic Model 3 rear-wheel drive vehicle was listed as 59.9 million won ($48,728.50) on the company’s website on Friday, down more than 5% from a month earlier.

Its Model Y Performance sports utility vehicle was 82.69 million won, down nearly 13% from the January listing price of 94.73 million won.

The price cuts differed from model to model but ranged from about 3.5 million won to 12.6 million won.

The Tesla official confirmed the new prices of the models.

In January, Tesla cut the prices of some of its cars in South Korea.

Reuters reported on Wednesday that Tesla plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models.

($1=1,229.2600 won)

(Reporting by Heekyong Yang; Editing by Muralikumar Anantharaman)