Photo: The Next Avenue
South Korea is a rapidly booming market for Tesla, which is reflected in growing sales. In 2020, the manufacturer's sales in the country have grown almost five times those of the year prior, which could herald widespread brand acceptance.
On April 15, Tesla Korea released a financial report that said it had sales of 716.2 billion won ($640 million) in the Korean market in 2020, reflecting an increase of 295% from 2019. Its annual operating profit soared 429% on-year to 10.7 billion won, and its net income skyrocketed 507.7% to 7.9 billion won, the company said.
Although Tesla does not release sales figures, according to figures provided by the Carisyou Data Lab, 11,826 Tesla vehicles were sold in 2020, up from 2,430 in 2019. Tesla EV sales in South Korea in 2020 therefore jumped by almost five times sales of the prior year. The company is expected to be able to more significantly increase the number of sales in the country in 2021, thanks to the fact that Giga Shanghai began exporting Model 3 and Model Y there.
The manufacturer's serious plans to capture the South Korean market are backed up by the deployment of a network of charging stations. It is expected that by the end of 2021, 27 Superchargers will be deployed in the country. Tesla is currently focused on finding business owners who want to place Tesla Superchargers next to them.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.