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Tesla Model Y and Model 3 shine in South Korea during 2024

Credit: Tesla Europe & Middle East/X

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Tesla bucked the trend in South Korea’s vehicle import market by selling 29,750 vehicles over the course of 2024. These results highlight Tesla’s strong performance in the domestic South Korean auto market, which came despite the headwinds experienced by the country’s overall auto segment last year.

Why It Matters:

  • While Tesla enjoyed strong sales, the broader imported car market in South Korea experienced an overall downturn in 2024.
  • Excluding Tesla’s figures, imported car sales in 2024 fell by 11.9% compared to 2023.
  • With Tesla’s 2024 sales in the mix, the overall decline in South Korea’s import market is just 2.9%.

The Details:

  • Imported Car Sales: The Korea Automobile Importers & Distributors Association reported that total imported car sales for 2024 stood at 263,288 units, down 2.9% from 2023’s 271,034 units. 
  • Tesla’s Dominance: Tesla secured its position as one of the top-selling brands in South Korea with 29,750 vehicles sold in 2024. It ranked third behind BMW (73,754 units) and Mercedes-Benz (66,400 units).
  • Model Y and Model 3 shines: The Tesla Model Y became the best-selling import model in South Korea with 18,717 units sold in 2024. The Model 3 also performed well as the country’s fifth best-selling import with 10,502 units sold.
  • Economic Context: The decline in South Korea’s auto market is attributed to decreased consumer sentiment, influenced by economic conditions like high interest rates and stagnant real wages, as noted in a report from FN News.

What they’re saying: 

  • As per an official from the Korea Automobile Mobility Industry Association, “Consumer sentiment has been dampened by stagnant real wages due to continued high prices and high interest rates and the prolonged economic slump.”
  • Vice Chairman Jeong Yoon-young of the Korea Automobile Importers & Distributors Association also stated “Imported car sales decreased year-on-year due to slowing demand caused by a decrease in consumer sentiment and shortages in some brands.”

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Elon Musk

Brazil Supreme Court orders Elon Musk and X investigation closed

The decision was issued by Supreme Court Justice Alexandre de Moraes following a recommendation from Brazil’s Prosecutor-General Paulo Gonet.

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Gage Skidmore, CC BY-SA 4.0 , via Wikimedia Commons

Brazil’s Supreme Federal Court has ordered the closure of an investigation involving Elon Musk and social media platform X. The inquiry had been pending for about two years and examined whether the platform was used to coordinate attacks against members of the judiciary.

The decision was issued by Supreme Court Justice Alexandre de Moraes following a recommendation from Brazil’s Prosecutor-General Paulo Gonet.

According to a report from Agencia Brasil, the investigation conducted by the Federal Police did not find evidence that X deliberately attempted to attack the judiciary or circumvent court orders.

Prosecutor-General Paulo Gonet concluded that the irregularities identified during the probe did not indicate fraudulent intent.

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Justice Moraes accepted the prosecutor’s recommendation and ruled that the investigation should be closed. Under the ruling, the case will remain closed unless new evidence emerges.

The inquiry stemmed from concerns that content on X may have enabled online attacks against Supreme Court justices or violated rulings requiring the suspension of certain accounts under investigation.

Justice Moraes had previously taken several enforcement actions related to the platform during the broader dispute involving social media regulation in Brazil.

These included ordering a nationwide block of the platform, freezing Starlink accounts, and imposing fines on X totaling about $5.2 million. Authorities also froze financial assets linked to X and SpaceX through Starlink to collect unpaid penalties and seized roughly $3.3 million from the companies’ accounts.

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Moraes also imposed daily fines of up to R$5 million, about $920,000, for alleged evasion of the X ban and established penalties of R$50,000 per day for VPN users who attempted to bypass the restriction.

Brazil remains an important market for X, with roughly 17 million users, making it one of the platform’s larger user bases globally.

The country is also a major market for Starlink, SpaceX’s satellite internet service, which has surpassed one million subscribers in Brazil.

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Elon Musk

FCC chair criticizes Amazon over opposition to SpaceX satellite plan

Carr made the remarks in a post on social media platform X.

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Credit: @SecWar/X

U.S. Federal Communications Commission (FCC) Chairman Brendan Carr criticized Amazon after the company opposed SpaceX’s proposal to launch a large satellite constellation that could function as an orbital data center network.

Carr made the remarks in a post on social media platform X.

Amazon recently urged the FCC to reject SpaceX’s application to deploy a constellation of up to 1 million low Earth orbit satellites that could serve as artificial intelligence data centers in space.

The company described the proposal as a “lofty ambition rather than a real plan,” arguing that SpaceX had not provided sufficient details about how the system would operate.

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Carr responded by pointing to Amazon’s own satellite deployment progress.

“Amazon should focus on the fact that it will fall roughly 1,000 satellites short of meeting its upcoming deployment milestone, rather than spending their time and resources filing petitions against companies that are putting thousands of satellites in orbit,” Carr wrote on X.

Amazon has declined to comment on the statement.

Amazon has been working to deploy its Project Kuiper satellite network, which is intended to compete with SpaceX’s Starlink service. The company has invested more than $10 billion in the program and has launched more than 200 satellites since April of last year.

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Amazon has also asked the FCC for a 24-month extension, until July 2028, to meet a requirement to deploy roughly 1,600 satellites by July 2026, as noted in a CNBC report.

SpaceX’s Starlink network currently has nearly 10,000 satellites in orbit and serves roughly 10 million customers. The FCC has also authorized SpaceX to deploy 7,500 additional satellites as the company continues expanding its global satellite internet network.

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Energy

Tesla Energy gains UK license to sell electricity to homes and businesses

The license was granted to Tesla Energy Ventures Ltd. by UK energy regulator Ofgem after a seven-month review process.

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Credit: Tesla Energy/X

Tesla Energy has received a license to supply electricity in the United Kingdom, opening the door for the company to serve homes and businesses in the country.

The license was granted to Tesla Energy Ventures Ltd. by UK energy regulator Ofgem after a seven-month review process.

According to Ofgem, the license took effect at 6 p.m. local time on Wednesday and applies to Great Britain.

The approval allows Tesla’s energy business to sell electricity directly to customers in the region, as noted in a Bloomberg News report.

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Tesla has already expanded similar services in the United States. In Texas, the company offers electricity plans that allow Tesla owners to charge their vehicles at a lower cost while also feeding excess electricity back into the grid.

Tesla already has a sizable presence in the UK market. According to price comparison website U-switch, there are more than 250,000 Tesla electric vehicles in the country and thousands of Tesla home energy storage systems.

Ofgem also noted that Tesla Motors Ltd., a separate entity incorporated in England and Wales, received an electricity generation license in June 2020.

The new UK license arrives as Tesla continues expanding its global energy business.

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Last year, Tesla Energy retained the top position in the global battery energy storage system (BESS) integrator market for the second consecutive year. According to Wood Mackenzie’s latest rankings, Tesla held about 15% of global market share in 2024.

The company also maintained a dominant position in North America, where it captured roughly 39% market share in the region.

At the same time, competition in the energy storage sector is increasing. Chinese companies such as Sungrow have been expanding their presence globally, particularly in Europe.

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