Tesla Model 3 Leads EV Revolution In Korea For The 1st Half Of 2020

Featured image: u/southcongresser / Reddit

In the first half of 2020, Tesla Model 3 topped the sales rating for electric cars (EV) in South Korea. Model 3 was ahead of Hyundai Motor and Kia Motors in the first six months of this year, which is a particularly notable achievement, given that Tesla's factories in America were shut down for more than a month due to the coronavirus pandemic.

Based on figures from automobile data analysis firm Car is You and statistics from the Ministry of Land, Infrastructure and Transport, Tesla sold 6,839 Model 3s in the first half of 2020. In second place was Hyundai Kona with 4,078 cars, followed by a Hyundai Porter II Electric with 3,530 cars. These data show a significant gap in sales between Model 3 and its closest competitors.

Source: The Ministry of Land, Infrastructure and Transport | Car is You

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, both lagged behind in the creation of their electric vehicles, which allows Tesla to occupy a dominant position.

“Tesla's Model 3, which is both refined and cost-effective, far outperforms the rest of the domestic market,” said Kim Pil-soo, a professor at Daelim University College department of automotive engineering. “Once the entry-level price and mass-produced SUV Model Y is released, the number of domestic consumers is going to grow even faster.”

Over the first half of the year, 22,080 electric vehicles were registered at the Ministry of Land, Infrastructure and Transport, a 27% increase from the same period last year, at 17,379 cars. This is double the amount for the first six months of 2018, with 11,852 cars.

The success of Tesla Model 3 has led to an increase in the share of import sales of electric vehicles in the country's market. In the first half of 2020, 8,745 cars were imported, which is 39.6% of the total, which is 16.5% more than the same period last year.

Tesla continues to revolutionize all auto markets of the world. The success of the company is reflected in investor confidence. So, at the time of this writing, the company's stock price was $ 1,370 and Tesla had a market capitalization of more than $254B. This makes Tesla not only the most valuable car company in the world but the only company that has ever had such high market value.