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New Delhi. Tesla has suffered a huge setback in South Korea’s electric vehicle market. Because, the company could sell only one Model Y SUV in January. In this way, this was the worst month for the company after July 2022. There are many reasons behind this like inflation, incidents of fire in EVs and questions on China’s manufacturing quality. Let us tell you that in July 2022, the company had recorded zero sales in the country. Data from Seoul-based research firm CarisU and the Korean Trade Ministry showed that there was a significant decline in new EV registrations across all carmakers. If we look at the figures, there has been a huge decline of 80 percent in January as compared to December.
There are many reasons for the sluggish demand for EVs in South Korea. This includes rising interest rates and inflation, which have prompted customers to limit their spending. People are in panic due to cases of fire in Tesla cars. One of the main reasons for this is the lack of charging stations. Due to rising inflation in Korea, electric cars have also become expensive.
Also read: Budget is Rs 7.5 lakh, so close your eyes and invest money in this car, it is a thousand times better than Baleno.
Common people are still hesitant in buying EVs
Tesla saw strong sales of its China made Model Y in the country last year. But luck did not favor the company in January. According to Lee Hang-ku, head of the Jeonbuk Institute of Automotive Convergence Technology, people who were already ready for electric cars bought EVs. But, mass market customers are still hesitant to switch.
Additionally, Tesla’s association with China has also affected its popularity. Some customers have also lodged objections regarding the quality of Chinese manufacturing. Seasonal fluctuations also affect EV sales in Korea. Many customers are delaying purchases in January while waiting for government subsidy announcements. Tesla adopted this trend and said that customers have decided not to buy EVs until the subsidy is confirmed.
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Tag: car, electric vehicle, Tesla, tesla car
first published : February 14, 2024, 10:17 IST
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