Tesla said it will begin offering its Cybertruck in South Korea, marking the electric pickup’s first availability outside North America and the automaker’s fourth market overall. The move comes as the U.S. company faces slowing demand for the vehicle at home.
The Cybertruck, first unveiled in 2019, has so far only been available in the United States, Canada, and Mexico. While Tesla initially accepted global reservations, it had not confirmed international launch plans until now. In South Korea, existing reservation holders have been asked to confirm their orders within a week as the company begins converting reservations into finalized purchases.
Tesla had originally touted the Cybertruck as a mass-market model, with more than 1 million reservations secured and a planned annual production capacity of 250,000 units, which CEO Elon Musk suggested could eventually double. However, higher-than-expected pricing and shorter driving ranges in the production version have dampened demand. Current sales volumes are estimated at around 25,000 units annually, well below earlier expectations.
The automaker remains optimistic about short-term demand in the U.S. as buyers look to take advantage of expiring tax credits, but analysts have raised concerns about sustaining sales beyond October. The South Korean market offers Tesla a potential outlet, given the brand’s popularity there. In July, Tesla recorded its highest monthly sales in the country, delivering over 7,000 vehicles.
Still, the Cybertruck will carry a higher price tag for South Korean buyers. The model is set to start at 145 million won (about $104,000), making it roughly $24,000 more expensive than the U.S. version. Whether that premium will affect demand in the new market remains to be seen.