Tesla sold just one electric vehicle (EV) in South Korea last month, with demand affected by safety and price issues as well as a lack of charging infrastructure, Bloomberg reported, citing Agerpres.

The world’s most expensive automaker by market capitalization sold the Model Y SUV in South Korea, with January the weakest month since July 2022, when sales were zero, according to data from research firm Carisyou and South Korea’s Ministry of Commerce.

Overall, the number of electric vehicles registered in South Korea fell by 80% in January compared to December. Automakers have been hit by falling demand for electric vehicles in the South Korean market, high inflation and rising interest rates are forcing buyers to hold back on spending, and fears over battery fires and a lack of charging infrastructure weigh on demand.

In 2023, the Chinese-made Tesla Model Y was one of the best-selling cars in South Korea. Many consumers interested in electric vehicles have already made purchases, and their mass adoption has not yet occurred.

Tesla’s popularity is also influenced by its ties to China, explained Lee Hang-Koo of Jeonbuk Institute of Technology.

“Most Koreans who wanted to buy Tesla cars have already bought them. “Some are unhappy with Tesla after discovering that some models are made in China, and consumers are concerned about quality issues,” Lee Hang-Koo explained.

He added that sales of electric vehicles are also affected by seasonal fluctuations in demand. Many people avoid buying cars in January because they want to wait for the subsidy to be announced.

In a statement provided to Bloomberg, a representative of Tesla’s South Korean subsidiary explained that purchases of electric vehicles have been delayed until the subsidies are confirmed.

In the last quarter of last year, Tesla overtook another automaker for the first time in global sales of electric vehicles, and the company led by Elon Musk was overtaken by China’s BYD.