Tesla, the U.S.-based multinational automaker and energy company, is on track to achieve annual sales exceeding 30,000 units in South Korea this year for the first time since entering the market seven years ago. This milestone comes as the company nearly doubles last year’s sales total of 16,461 units, driven by the introduction of the China-made “Model 3,” which is priced approximately 10 million won ($7,000) lower than its U.S.-manufactured counterpart.
According to automotive market research firm CARISYOU on Dec.15, Tesla sold 28,498 vehicles in South Korea from January through November. With monthly sales averaging around 2,500 units, experts anticipate the company will surpass the 30,000-unit mark by year-end. Tesla’s annual sales in the country had previously remained around 10,000 units, never exceeding 20,000. This year’s growth signals a significant upward trajectory, positioning Tesla to rank second or third in South Korea’s annual electric vehicle (EV) sales. From January to November, Kia, a domestic automotive giant, secured the top position in South Korea’s EV market, with 34,384 units sold, followed by Tesla. Hyundai Motor currently trails closely in third place, with a difference of only about 30 units.
Tesla’s strong performance is primarily attributed to the availability of its lower-priced Shanghai-made Model Y and Model 3. The Model Y was launched in the latter half of last year, while the Model 3 debuted in the first half of this year. Notably, during the first half of 2024, Tesla briefly overtook Kia by approximately 1,300 units to claim the top spot in South Korea’s EV market.
