Korea Sees Record EV Imports Amidst Growing Chinese Competition

Korea is experiencing record electric vehicle (EV) imports, highlighting a surprising trend as the country, home to Hyundai and Kia, sees a surge in vehicles from China, which offers affordable and high-quality EVs. Unlike the U.S. and EU, Korea imposes fewer barriers against Chinese imports, allowing these vehicles to capture market share. This situation raises questions about the future competitiveness of local manufacturers as tariffs on Chinese EVs in Western markets are likely to drop. As the dynamics in Korea unfold, they could serve as a predictive indicator for the U.S. and EU, illustrating the potential impact of reduced trade barriers on the domestic EV market.