EV Giant Tesla Managed To Sell Just 1 Model Y In This Asian Country Last Month

EV giant Tesla Inc. TSLA reportedly sold only one of its cars in South Korea in the first month of 2024.

What Happened: According to Bloomberg, Tesla managed to sell just one Model Y SUV — the bestselling car worldwide — in the Asian country in January, as reported by Seoul-based researcher Carisyou and the Korean trade ministry. This marks Tesla’s weakest performance in Korea since July 2022, when the company recorded zero car sales.

However, the downturn in sales isn’t exclusive to Tesla. The overall number of newly registered EVs in Korea plummeted by 80% in January compared to the previous month. This decline is attributed to seasonal shifts in demand, safety apprehensions surrounding EVs, elevated interest rates, and inadequate charging infrastructure, according to the report.

Pricing In Korea: Tesla’s offerings in Korea are limited to the rear-wheel-drive version of the Model Y SUV, priced at 56.99 million won, approximately $43,000. Notably, the Model 3 sedan is unavailable in this market, making the Model Y RWD the most affordable Tesla option.

In comparison, Korean automakers like Hyundai and Kia also offer electric SUVs. Hyundai’s Ioniq 5 electric SUV starts at 52.72 million won ($39,647) before tax incentives, Kia’s Niro EV begins at 51.14 million won ($38,459), and the EV6 starts at 51.3 million won (~$38,579).

Meanwhile, In The U.S.: Korean automakers are emerging as strong competitors against Tesla even in America. According to data from Kelly Blue Book, Tesla sold 654,888 EVs in the U.S. in 2023. Hyundai, together with its subsidiary Kia, sold 87,597 EVs, surpassing individual American automakers General Motors and Ford.

Hyundai’s Ioniq 5 was the top-selling model for the brand in America, while Kia’s EV6 led its sales.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read Next: Ford Labels Tesla, Chinese Rivals As ‘Ultimate Competition’ As It Sharpens Focus On Smaller EVs, Adopts GM Hybrid Playbook

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