Due to a series of unfavorable factors such as safety concerns, pricing issues, and inadequate charging infrastructure, Tesla only sold one electric vehicle in South Korea in January.
According to media reports citing analysis firm Carisyou and the South Korean Ministry of Trade, this is the worst month of sales for Tesla in South Korea since July 2022, when Tesla did not sell a single car in the country.
The car that was sold is a Tesla, which was the best-selling imported car in South Korea in September last year.
In fact, it's not just Tesla, but all electric vehicle sales in South Korea have been affected. According to reports, new electric vehicle registrations in South Korea decreased by 80% month-on-month in January.
Consumers have had to control their expenses due to rising interest rates and high inflation, and concerns about battery fires and a lack of fast chargers have also suppressed demand for electric vehicles.
Since the electric vehicle battery explosion incidents in 2022, consumers have been concerned about the safety of batteries. A survey by the Korea Transportation Safety Authority in November last year found that about half of electric vehicle owners identified fires as their biggest safety concern.
In addition, there is a severe lack of fast charging facilities for electric vehicles in South Korea. According to the International Energy Agency, about 90% of public chargers in South Korea are slow chargers.
Tesla did not immediately respond to media requests for comment, but a company spokesperson stated that poor sales were due to consumers waiting for the government to introduce subsidy policies, and January sales in South Korea are typically slow.
This news makes Tesla's prospects for 2024 even more challenging.
After experiencing two recalls and production pauses at its German factory, Tesla's stock price has fallen by 22% year-to-date, making it the worst-performing stock in the S&amp;P 500 index.
At the same time, Tesla's market value has shrunk from $754 billion on January 5th to $589 billion, threatening Elon Musk's position as the world's richest person.
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TSLA

The car sold is a Tesla, which was the best-selling imported car in South Korea in September last year. Not only Tesla, but in January, the registration of new electric cars in South Korea decreased by 80% MoM.

In January, Tesla's sales in South Korea: 1 unit.