Feb. 8, 2024
Tesla Sells Only One Vehicle in South Korea in January
BEIJING, February 7 (TMTPOST) -- Only one Tesla electric car was sold in South Korea in January as a new policy to slash EV subsidies for cars with Chinese batteries looms large. By comparison, 1,022 vehicles were sold in December, according to data from the Korea Automobile Importers & Distributors Association. The Environment Ministry of South Korea is currently collecting feedback on its newest EV credit regulations, which aim to offer low credits to EVs with less energy density. The policy targets China's lithium iron phosphate (LFP) batteries, which cost less but have less energy density than high-performance nickel-cobalt-manganese (NCM) batteries, where Korean battery makers have a competitive edge. The new law will probably come in force as early as February. Tesla's Chinese-made Model Y was a big hit in the S. Korean market last year. Thanks to its LFP batteries, it was sold $15,000 cheaper than the U.S.-made version. Tesla will soon release a similar version of the Model 3 in South Korea. In 2023 alone, 13,885 Shanghai-made Model Ys were sold in South Korea, making it the country's No. 1 imported EV in sales. Kia's Ray EV, KG Mobility's Torres EV and Volvo's EX30 also adopts LFP batteries.
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