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Tesla Inc. is now facing fierce competition in South Korea’s imported electric vehicle (EV) market with European brands catching up in sales and releasing new models.
The Korea Automobile Importers & Distributors Association (KAIDA) and the Ministry of Trade, Industry, and Energy stated that 5,278 imported EVs were sold in the first quarter, with 51.2 percent of those being Tesla models.
Tesla's market share has fallen by 28.5 percentage points since the 79.7 percent recorded in the first quarter of last year.
Other imported EV brands registered as members of KAIDA, on the other hand, saw their market share climb from 20.3 percent last year to 48.8 percent in the first quarter of this year.
Mercedes-Benz led the overall gain, selling 728 electric vehicles in the first quarter, up from 328 a year ago.
BMW sold 450 electric vehicles, including the ix3, for an 8.5 percent market share. Porsche sold 405 Taycan EVs, accounting for 7.7 percent of the market.
