South Korean authorities have dealt a significant blow to Chinese electric vehicle (EV) manufacturer BYD, stripping the company of crucial subsidies in the country. The decision comes as BYD's growing presence in the South Korean market has raised concerns among domestic automakers, including Hyundai, which has long dominated the sector. BYD's expanding lineup of affordable EVs has proven to be a major disruptor, threatening the market share of established players like Hyundai and Kia. As BYD continues to expand its operations in South Korea, the country's automotive industry is bracing for a major shake-up.
BYD loses South Korean subsidies as Chinese EVs threaten Hyundai KED Global
