As reported by Ukrinform, Bloomberg.

It was noted that Elon Musk’s company sold one Model Y SUV in the first month of the year. January 2024 was Tesla’s worst sales month since July 2022, when it sold no vehicles in South Korea, according to data from Seoul-based researcher Carisyou and South Korea’s Ministry of Commerce.

According to Carisyou, the number of new EVs registered in South Korea fell 80% in January compared to December across all automakers.

Automakers have faced declining demand for electric vehicles in the country as high interest rates and inflation prompt consumers to cut spending. At the same time, demand for electric cars is decreasing, as are concerns about battery fires and lack of fast chargers.

According to Lee Hang-koo, head of the Jeonbuk Institute of Automotive Convergent Technology, most of the early customers of automakers have already purchased electric vehicles, while the mass consumer is not yet willing to buy electric cars. Tesla’s popularity has also been hampered by the company’s ties to China, he said.

Lee added that many people in South Korea did not buy cars in January because they were waiting for the government to announce subsidies. This statement was confirmed at Tesla’s Korean office.

As reported, Tesla reported a record volume of electric vehicle deliveries in the final quarter of 2022, but it turned out to be less than analysts expected.

It was previously known that Tesla recalls 2.2 million vehicles in the USA increases the risk of accidents on the road due to the incorrect size of warning light symbols on the instrument panel.