Rolls-Royce Motor Cars on Friday unveiled the brand’s first all-electric model, named Spectre, in South Korea as it sees further room to grow in Asia’s fourth-biggest economy.

South Korea is the first country for the British carmaker to introduce the battery-powered model among Asia-Pacific countries, Rolls-Royce said in a statement.

The fully electric Spectre is available at a starting price of 620 million won ($486,000) in Korea, with the price going up depending on options.

Rolls-Royce has received the highest number of preorders in the fast-growing and important Korean market in the region, the company said without giving the pre-order figure.

The ordered Spectres will start being delivered to Korean customers in the fourth quarter, the company said, reports Yonhap news agency.

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Rolls-Royce’s sales growth in Korea depends on several factors, such as the country’s economic situation and the number of businessmen, which is growing rapidly, Irene Nikkein, regional director of Rolls-Royce’s Asia-Pacific operations, told reporters on the sidelines of the unveiling event.

“I’ve seen the development in Korea and also the investment from the Korean government. There is a very big growth potential (here) in the long term,” she said.

Rolls-Royce began to sell its vehicles in Korea in 2004. Its current lineup includes the Phantom, Ghost and Cullinan.

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

It sold five vehicles in the country in 2004, but sales have continued to rise, reaching 171 units in 2020, 225 in 2021 and 234 in 2022.

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The BMW-owned brand plans to fill its entire lineup with all-electric cars by 2030, joining other luxury brands in making the switch, including Volkswagen Group’s Bentley and Jaguar Land Rover’s Land Rover.