Tesla topped the list of electric vehicle sales in South Korea in 2020. The California-based manufacturer outpaced Hyundai and Kia in the first nine months of this year, which is a particularly notable achievement considering Tesla’s U.S. factories had been closed for more than a month due to the coronavirus pandemic.
Tesla sold 2,056 electric vehicles in September 2020, according to Yonhap News Agency, accounting for more than 91% of South Korea’s total electric vehicle sales. This truly jaw-dropping market share demonstrates that Koreans very clearly have a preference for the highest quality EVs.
In the first nine months of 2020, Tesla sold 10,518 vehicles, which accounted for a whopping 79.6% of the nation’s electric vehicle sales.
Tesla is seeing a sharp increase in sales in South Korea this year amid growing interest in electric vehicles and government subsidies. Customers can purchase the models at lower prices with a central government subsidy of 8 million won and a provincial government subsidy worth up to 10 million won.
Also, the Tesla image creates certain brand loyalty, as it is considered a revolutionary symbol of its innovative Autopilot technology and the EV platform. Other manufacturers, such as Hyundai and Kia, lagged behind in the creation of their electric vehicles, which helps Tesla to continue occupying a dominant position.
Tesla charges forward in revolutionizing all auto markets, the world over. The success of the company is also reflected by investor confidence. At the time of this writing, the company’s stock price is $439.67 and Tesla has a market capitalization of almost $410B. This makes Tesla not only the most valuable car company in the world but the only car company that has ever had such high market value.