Electric vehicles
Koreans buy $2.7 billion Tesla shares this year, favorite foreign stock
Tesla shares continued to decline since October, hit by the falling demand for EVs and Musk’s sale of the shares to purchase Twitter
By Dec 27, 2022 (Gmt+09:00)
1
Min read
Most Read
S.Korea's LS Materials set to boost earnings ahead of IPO process
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
Macquarie eyes its 1st Korean data center valued around $722 mn
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
Galaxy Ring, new foldables set to steal the show at Samsung Unpacked Paris
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
SK Inc. in talks to sell Pharmteco’s US CDMO plant to Novo Nordisk
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
POSCO gears up for carbon-free steelmaking with hydrogen
![close](/images/ico/eyes/close.png)
![open](/images/ico/eyes/open.png)
![The parking lot of Tesla headquarters](https://www.kedglobal.com/data/ked/image/2022/12/27/ked202212270027.700x.0.jpg)
Tesla, Inc. was the investors’ choice in South Korea this year, ahead of other overseas stocks.
According to the Korea Securities Depository headquartered in the port city of Busan, investors in Korea purchased a whopping $2.74 billion worth of Tesla shares in 2022.
That makes the Elon Musk-owned electric vehicle company the most preferred overseas stock for investors here by volume.
Korean investors possess accumulated $6.81 billion worth of Tesla shares, accounting for 1.75% of the total shares of the EV company worldwide.
Investors in Korea jumped on a buying spree in October when Tesla shares began to slide. Koreans purchased $1.1 billion worth of Tesla shares in the last three months alone.
But as the price began to decline further, many recent investors are thought to have suffered significant losses.
![A photo of Elon Musk with a computer screen showing Twitter trading that was halted in midday trade on Oct. 4](https://www.kedglobal.com/data/ked/image/2022/12/27/ked202212270028.700x.0.jpg)
Tesla was worth above $300 per share in late September but closed Monday’s trade at $123.35.
Analysts say the falling demand for electric cars and Musk’s sale of Tesla shares to purchase social media platform Twitter were the main reasons behind the price plunge.
Write to Eui-Myung Park at uimyung@hankyung.com
Jee Abbey Lee edited this article.
More to Read
-
Electric vehiclesKorea’s local govts gear up to lure Tesla for Gigafactory
Dec 23, 2022 (Gmt+09:00)
4 Min read -
Comment 0
LOG IN