Image: Tesla South Korea
South Korean investors purchased $2.8 billion in Tesla stock this year, as the company’s shares have sank to their lowest point in years.
South Korean retail investors have picked up a whopping $160 million in Tesla shares in December alone (through to the 27th), according to data from the Korea Securities Depository, reports Bloomberg.
Even as the stock dropped 44 percent in December, the country’s Tesla fans continued buying during what is expected to be Tesla’s worst-ever month.
Tesla is currently the most popular overseas stock for South Korean day traders, and since the onset of the COVID-19 pandemic in 2020, many in the country have piled up on the U.S. automaker’s shares.
Tesla Celebrates 100th Supercharger Station in South Korea https://t.co/z8wrv1aOcM
— TeslaNorth.com (@RealTeslaNorth) November 13, 2022
Other popular stocks include Tesla suppliers LG Energy Solution and Samsung, with the manufacturing companies’ shares up 46 percent and down 28 percent on the year, respectively.
By August, retail investors in Korea had picked up a $15 billion stake in Tesla, and at the time they were ranked the company’s seventh largest holder with around 1.6 percent of the company’s shares.
The news comes following recent reports of South Korea’s government attempting to lure Tesla into building a factory in the country, adding that it would give the company “tailored benefits” for building an EV plant.
