Chinese electric car manufacturer BYD announced its imminent entry into the South Korean market in 2025. Against this background, the Ministry of Industry hinted at import tariffs, similar to those already introduced in the European Union and the United States, in order to protect markets from the influx of cheap foreign products. However, before that, Korean manufacturers such as Hyundai and Kia must file a petition asking for an investigation into Chinese brands.
Through a “transparent investigation under the Customs Law,” authorities will be required to determine whether the Chinese government provided subsidies to manufacturers of exported goods. If they are found to be interfering, the Koreans may impose countervailing duties on Chinese cars.
The EU has already introduced strict duties, which are added to the price of each car – up to 35.5 percent. The size depends on the degree of participation of the Chinese government in the activities of a particular automaker. Tesla received the lowest bid, SAIC received the highest.
Car exports from South Korea to Russia increased by a quarter BYD will overtake Ford and Honda in terms of sales in 2024 South Korea will ban full charging of electric cars due to the threat of fire
The United States announced an increase in tariffs to 100 percent, and Canada followed suit. The future American president proposed going even further and raising tariffs on foreign auto industry products to 200 percent. However, he welcomes companies’ plans to build factories in the United States.
Meanwhile, in Europe, sales of electric cars do not reach the level required by the authorities. In order to fit into the requirements that will come into force in January, and not to run into large fines, manufacturers are raising prices for fuel cars and giving discounts for “battery” ones.
Great Chinese price: cool cars from China
