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