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Tesla bought just one automobile this January in South Korea, in response to new information, as shoppers there stay involved with inflation and Elon Musk’s EV firm continues to take care of an absence of chargers within the nation.
It was the worst month for Tesla in South Korea since July 2022, when it bought zero vehicles there, in response to information from analysis group Carisyou and the Korean commerce ministry first reported by Bloomberg.
The one automobile that was bought in January was a Tesla Mannequin Y, which final September was South Korea’s best-selling imported car. All electrical car gross sales in South Korea suffered in January. New EV registrations within the nation plunged 80% month-over-month, Bloomberg experiences.
Demand has slowed because the nation grapples with inflation. The complete-year inflation in South Korea was 3.6% in December.
Customers are additionally involved about battery fires after a EV battery exploded in an condominium parking zone in 2022. A November survey by the Korea Transportation Security Authority discovered that about half of EV owners said fires are their biggest safety concern.
There’s additionally an absence of quick EV chargers within the nation. About 90% of public chargers are slow chargers, in response to the Worldwide Power Company.
Tesla didn’t instantly reply to a request for remark, however an organization spokesperson advised Bloomberg that South Korea gross sales are often gradual in January as shoppers wait for presidency subsidies to be introduced.
Extra Bother for Tesla
The information provides to Tesla’s woes to start 2024. Following two different recalls and a manufacturing pause at a factory in Germany, Tesla fell 25% in simply the primary few weeks of the 12 months. Tesla is the worst-performing stock in the S&P 500 in 2024 to this point, and the corporate’s market worth has shrunk to $589 billion, from $754 billion in Jan. 05.
The falling market cap has additionally threatened Musk’s status as richest person in the world.
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