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Before BYD Taps into S Korea in Jan, S Korean Official Says Anti-subsidy Probe on CN EVs Likely
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An official from the South Korean Ministry of Trade, Industry and Energy said that if domestic companies apply for an anti-subsidy investigation into Chinese electric vehicles (EVs), such investigation will be launched in accordance with the subsidy agreement and the Customs Tariff Act, Yonhap News Agency reported. The official cited the situation in major countries such as Europe and the US, which responded to the influx of cheap Chinese EVs into their markets by imposing tariffs. The South Korean government had formulated a guide to standard procedures for investigations, and that if the relevant companies apply for anti-subsidy investigations, the authorities' trade commissioners can carry out investigations in accordance with the guide. The official also pointed out that the EU imposed anti-subsidy duties of more than 10% on Chinese EVs, while South Korea's Customs Act also has provisions for imposing anti-subsidy duties. BYD COMPANY (01211.HK) announced earlier that it had signed a contract with six South Korean dealers to commence business locally in January 2025. AAStocks Financial News |
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