Only one Tesla (TSLA) car sold in Korea in January - Bloomberg

Tesla (NASDAQ: TSLA) only sold one electric vehicle in South Korea in January due to various factors like safety concerns, high prices, and insufficient charging infrastructure affecting demand, according to a report by Bloomberg on Wednesday.

The report states that the electric vehicle giant sold only one Model Y SUV in its worst month since July 2022, when it sold no vehicles, according to data from Carisyou and the Korean trade ministry.

The data also showed that across all carmakers, new EVs registered in Korea fell by 80% in January from December.

Carmakers are facing a slowdown in demand for EVs in South Korea as higher interest rates and inflation have seen consumers in South Korea rein in spending, while there are also concerns about battery fires and a lack of fast chargers.

Bloomberg added that a spokesperson for Tesla in Korea said consumers delayed EV purchases before the confirmation of subsidies.

By Sam Boughedda

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