Tesla’s electric vehicles are being purchased in large numbers in South Korea. A new report shows that the electric automaker has dominated the EV market in the country from January to September, making up for nearly 80 percent of the total electric car sales in 2020.
New data shows that Tesla has sold 10,518 vehicles in South Korea from January to September. This accounts for 79.6 percent of the total electric vehicle sales in South Korea, industry data showed.
Recent months have shown a higher concentration of Tesla sales in comparison to other EV manufacturers in the country, however. For example, in September, 2,056 cars that dawned the notorious Tesla “T” were sold to South Korean citizens. This accounted for more than 91 percent of the total EV sales, the Yonhap News Agency reported.
The recent reports ride on the coattails of other news from the Summer when Teslarati reported that Tesla attained an annual sales increase of more than 1,500% in the first half of the year. The surge in sales and popularity was largely due to the overwhelming surge in deliveries of the Model 3.
According to the most recent data out of South Korea from the EV Sales Blog, the Model 3 accounts for at least 31% of the country’s total EV market share.
The South Korean government’s support of electric vehicles has also contributed to Tesla’s cars’ widespread popularity. While the Model 3 sells for 54 million South Korean Won ($44,000), the Model S for 114 million Won ($100,026), and the Model X for 121 million Won ($106,168), government subsidies are decreasing the cost of EVs as the transition to sustainable transportation rages on.
Government subsidies can lower the vehicle’s cost by between eight and ten million Won, or between $7,000 and $8,771. These programs not only increase the likelihood of car buyers purchasing more environmentally-friendly cars, but they also show the support of the country’s government to adapt to new forms of energy and transportation.
Tesla has been in the Korean market since March 2017 and has nearly 500 charging stations within the country. 450 of the stalls offer low-rate charging, while 32 are Tesla-built Superchargers that offer increased charging rates.