South Korean EV Market Struggles: What That Means for Tesla

Tesla Inc’s sales in South Korea took a hit in January, with the company selling only one electric vehicle (EV) in the entire month. The Austin-based automaker faced a range of challenges, including safety concerns, pricing issues, and inadequate charging infrastructure.

Data from the Korean trade ministry and Seoul-based researcher Carisyou revealed that the single sale of a Model Y SUV was Tesla’s poorest performance since July 2022, when it did not sell a single vehicle. The overall number of new EV registrations across all automakers in Korea plummeted by 80% in January compared to December, according to Carisyou’s data.

The EV market in South Korea is witnessing a dwindling interest due to various factors. Rising interest rates and inflation caused consumers to cut back on spending. Fear of battery fires and a scarcity of fast charging stations are also discouraging…