The price of the electric car manufacturer's basic Model 3 rear-wheel drive vehicle was listed as 64.34 million won ($50,637.10) on the company's website on Friday. Its Model Y Long Range sports utility vehicle was 84.999 million won.

The price cuts differed from model to model but ranged from about 6 million won to 10 million won ($4,725 to $7,875), the official said.

($1 = 1,270.6100 won)

(Reporting by Joyce Lee; Editing by David Goodman)