Elon Musk’s Tesla sold only one car in South Korea last month

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Elon Musk’s Tesla has recently made headlines in South Korea due to a surprising development: the company sold only one electric vehicle (EV) in January 2024. This solitary sale of a Model Y SUV marks Tesla’s worst month since July 2022 when they sold no vehicles at all. Several factors contribute to this downturn, including safety concerns, pricing challenges, and a lack of charging infrastructure.

Additionally, the popularity of Tesla’s China-made Model Y has waned, and some consumers are wary of its manufacturing origins. Despite this setback, the broader EV market in Korea faces seasonal fluctuations and changing consumer behavior. As interest rates rise and inflation impacts spending, carmakers grapple with shifting dynamics in the electric vehicle landscape.

 

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