Tesla Smiles, BYD Frowns: New EV Subsidy Rules Take Effect Tomorrow

Government subsidies for electric vehicle purchases will be discontinued for BYD, China's largest EV manufacturer.

The Ministry of Climate, Energy and Environment announced that 27 out of 35 companies passed the "EV Supply Project Operator Selection Evaluation," which was introduced for the first time this year.

Companies that were not selected will be excluded from receiving purchase subsidies starting tomorrow, July 1.

In the electric passenger vehicle category, a total of 10 companies were selected, including Kia, Hyundai Motor Company, Tesla Korea, Mercedes-Benz Korea, BMW Korea, Volvo Car Korea, and Volkswagen Group Korea.

For electric cargo vehicles, 9 companies passed, and for electric buses, 8 companies were selected.

BYD, which has been expanding its presence in the domestic market, was omitted from the list of approved companies.

Among the companies currently eligible for electric passenger vehicle subsidies, BYD is the only one to be excluded this time.

However, for vehicles from companies losing subsidy eligibility, subsidies will still be provided for applications submitted by today.

This evaluation was introduced to provide subsidy benefits only to manufacturers and importers that contribute to the domestic EV ecosystem. When the evaluation criteria were first unveiled in March, critics argued that the structure favored domestic manufacturers, and concerns were raised in the National Assembly that it could discriminate against foreign manufacturers.

In response, the Ministry of Climate adjusted evaluation criteria that were disadvantageous to foreign manufacturers last month and significantly reduced the weight of qualitative assessments.

Reported by Park Seyong | Video by Park Na-young | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.