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Tesla's Sales Plunge in South Korea with Only One Car Sold in January

Tesla faces a significant downturn in South Korea, selling just one Model Y amid concerns over inflation, safety, and charging infrastructure.

  • 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.
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