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The South Korean government’s cuts in subsidies for electric vehicles using Chinese-made batteries, coupled with safety concerns and insufficient charging infrastructure, resulted in Tesla selling only one new car in South Korea in January, a new low since July 2022.
In December last year, Tesla listed 1,022 cars in South Korea, but the government reduced subsidies and did not announce new subsidy measures. The market has a strong wait-and-see atmosphere. In addition, Tesla’s Model Y only received half of the subsidy due to the adjustment of the subsidy threshold.
Other car manufacturers are also affected. The number of electric vehicle listings in South Korea dropped by 80% in January from the previous month. Consumers are waiting for the government to announce new subsidy policies.
(Source: Oriental Daily Picture source: freepik)
