South Korea is set to tighten its purse strings on imported electric vehicles, introducing new restrictions on subsidies for foreign-made EVs. The move is aimed at boosting local production and supporting the country's domestic automotive industry, which has been struggling to compete with imported models. According to reports, the government will limit subsidies for imported EVs, forcing manufacturers to invest more in local production to qualify for preferential treatment. The policy change is expected to have significant implications for foreign automakers operating in South Korea, including major players like Tesla and Volkswagen.
South Korea to restrict subsidies for imported electric vehicles electrive.com
