Tesla, which resonates all over the world with its electric car sales, cannot achieve the success it wants in some markets. One of these markets seems to be South Korea. It turned out that Tesla sold only one electric vehicle in South Korea in January and experienced a major decline in the Asian market.
Tesla sold one vehicle in Korea in January
Tesla sold a single Model Y in South Korea last month, according to data from industry researcher Carisyou. This represents a sharp decline compared to previous months. The last time the electric car giant had such a poor performance was in July. In the summer of 2022, it failed to sell any vehicles.
This sharp drop in Tesla sales also sheds light on the decline in South Korea’s overall electric vehicle market. All automakers’ electric vehicle registrations in January were down 80 percent compared to December, according to data from Carisyou.
Industry observers point to several challenges that make the adoption of electric vehicles difficult in Korea. High interest rates and inflation have caused consumers to reduce their spending. Electric vehicle battery fires also continue to raise safety concerns.
In addition, the lack of widespread fast charging infrastructure in the country continues to be an obstacle. There are additional factors for Tesla. According to industry analysts, many users are concerned about Tesla’s manufacturing ties with China and are worried about the quality of Chinese factories.
Tesla appears to be entering an uncertain period in Korea going forward. With the market slowing down and competition increasing, it remains to be seen how the automotive giant will survive.
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