[THE INVESTOR] Tesla Motors, the US electric carmaker, received permission from the South Korean government to provide location-based services here, speeding up its entry into the Korean market.

Korea Communications Commission, the state telecom and media regulator, approved Tesla Korea as a location-based service provider on Sept. 1, along with six other local companies, including Kyongnam Bank and CJ Olive Networks.

Under Korean law, companies providing location-based services such as navigation to their customers, require a special permit to do business.

With the government’s nod, Tesla can now operate its own built-in navigation service by using the GPS data here. The automaker also plans on providing driver assistance system, which interprets driving surroundings and offers traffic and speed information, KCC said.

Tesla will open its first Korean dealership in November in the new Starfield Hanam mall in Hanam, southeast of Seoul -- set to open on Sept. 9. The carmaker began taking online preorders for its electric vehicles, Model S, Model X and Model 3 in August.


By Ahn Sung-mi (sahn@heraldcorp.com)