Spectre, the first entirely electric model from Rolls-Royce Motor Cars, was launched on Friday in South Korea, where the company believes there is still opportunity for expansion in the continent's fourth-largest economy.

According to a statement from Rolls-Royce, South Korea is the first country in the Asia-Pacific region to receive the battery-powered model from the British carmaker. Deliveries of the ordered Spectres will begin to Korean customers in the fourth quarter,  the company said. 

In Korea, the completely electric Spectre has a starting price of 620 million won ($486,000), with prices increasing based on extras. The company stated without providing the amount of preorders that Rolls-Royce has received in the crucial and rapidly expanding Korean market in the region.

Irene Nikkein, regional director of Rolls-Royce's Asia-Pacific operations, told reporters on the sidelines of the unveiling event that the company's sales development in Korea is dependent on a variety of variables, including the nation's economic position and the country's rapidly expanding business community.

In 2004, Rolls-Royce started selling cars in Korea. The Phantom, Ghost, and Cullinan are among the current lineup.

The BMW Group, which also sells BMW, Mini, and Rolls-Royce models in Korea, owns the Rolls-Royce brand.

In 2004, it only sold five cars in the nation, but since then, sales have risen steadily, reaching 171 units in 2020, 225 in 2021, and 234 in 2022.

By 2030, the BMW-owned company expects to have an entirely electric vehicle lineup, joining other luxury brands like Bentley of the Volkswagen Group and Land Rover of Jaguar Land Rover in making the changeover.

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