Overview

• Tesla sold only one Model Y in South Korea in January, marking its worst performance in the country since July 2022.
• The overall EV market in South Korea saw an 80% drop in new registrations in January, influenced by inflation and safety concerns over battery fires.
• About 90% of EV chargers in South Korea are slow chargers, contributing to consumer hesitance towards electric vehicles.
• Tesla's market value has decreased to $589 billion from $754 billion at the beginning of 2024, making it the worst-performing stock in the S&P 500 this year.
• Concerns over the quality of China-made Teslas and a reduction in government subsidies have also impacted sales.