In January, Tesla only sold one car in South Korea due to the government tightening subsidies for electric vehicles.
According to data from the Korea Automobile Importers and Distributors Association (Kaida), only 1 new Tesla was registered in South Korea in January, compared to 1,022 in December. This is because the government has cut back on support policies for electric vehicles that use Chinese-made batteries.
According to reports, the Ministry of Environment is currently collecting feedback on its latest electric vehicle support regulations, with the aim of providing lower support levels for electric models with lower energy density compared to other models.
This policy targets China’s lithium iron phosphate (LFP) batteries, which have lower cost and lower energy density compared to high-performance nickel-cobalt-manganese (NCM) batteries that Korean battery manufacturers excel in. The new policy will take effect as early as February.
The Tesla Model Y, produced in China, made a big splash in the Korean market last year. Thanks to the use of LFP batteries, it is priced 20 million won (15,000 USD) cheaper than the version produced in the US. Tesla will soon release a similar version of the Model 3 in Korea.
In 2023 alone, 13,885 Model Y cars produced in Shanghai were sold in South Korea, becoming the best-selling imported electric vehicle in the country.
TT (Tuoitrethudo)
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