In January, Tesla faced a stark decline in electric vehicle (EV) sales in South Korea, recording its lowest monthly sales since July 2022. The American automaker sold only one Model Y SUV during the month, citing various challenges impacting the EV market.
Factors contributing to this downturn include safety concerns, pricing issues, and inadequate charging infrastructure. The broader EV market in Korea also experienced an 80% decrease in new registrations across all automakers in January compared to the previous month, according to data from Seoul-based researcher Carisyou and the Korean trade ministry.
The sluggish sales coincide with heightened consumer anticipation for potential government announcements on EV subsidies, which could significantly influence purchasing decisions. As the industry grapples with challenges ranging from safety perceptions to pricing dynamics, these trends underscore the importance of addressing multifaceted issues to foster the widespread adoption of electric vehicles in the Korean market.