Tesla Inc (NASDAQ: TSLA) has registered substantial growth in South Korea this year due to increasing demand for electric vehicles in the country, Yonhap News Agency reported Monday (Seoul time).What Happened: The Elon Musk-led automaker sold 10,518 vehicles in the country between January and September -- making up for 79.6% of electric vehicle sales in the country, according to industry data reported by Yonhap.In September, Tesla sold 2,056 vehicles, accounting for 91% of all South Korean EV sales in the month.Tesla sells Model 3, Model S, and Model X vehicles in South Korea priced at $44,000, $102,600, and $108,900 respectively, noted Yonhap.Customers of the lower-priced models can reportedly avail of subsidies to the tune of $7,200 from the central and $9,000 from the provincial governments.Why It Matters: This month, it was reported that Tesla is the only automaker that saw sales growth in Germany, beating its domestic and international rivals like Bayerische Motoren Werke AG (OTC: BMWYY) and Volkswagen AG (OTC: VWAGY).South Korea-based automaker giant Hyundai Motor Co (OTC: HYMTF) could prove to be a major competitor to Tesla, with its dedicated "Ioniq" brand of battery EVs -- unveiled in August.Local battery maker LG Chem Ltd, which counts Tesla among its clients, emerged as the lead supplier of batteries for EVs in the first half of 2020.Price Action: Tesla shares closed almost 2% lower at $439.67 on Friday and fell 0.33% in the after-hours session.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Tesla Sued By Customer Over Alleged 'Bait-And-Switch' Tactics In Solar Panel Deal: Report * Apple Supplier Foxconn Aims To Serve 10% Of All Electric Vehicles Globally Within Next 7 Years(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
No comments:
Post a Comment