South Korean media: BYD expands its territory, Hyundai and Kia are in trouble! On May 6th, the South Korean media "The Herald Economy" published an article stating that China's electric vehicle company BYD has recently surpassed the domestic market and accelerated its pace of entering overseas markets. BYD is expanding into developed electric vehicle markets such as China, Europe, and South Korea. At the same time, after U.S. President Donald Trump promoted tariff policies, Europe and China have shown a tendency to strengthen cooperation, even discussing adjustments to high tariffs on Chinese-made electric vehicles. Therefore, BYD is expected to comprehensively enter overseas markets. It is reported that the European Union recently decided to discuss the cancellation of high tariffs on Chinese electric vehicles. Last year, the EU decided to impose an additional anti-subsidy tariff of 7.8% to 35.3% on top of the basic 10% import tax for each company. As a result, BYD was subject to an additional 17% tariff, paying a total of 27% in taxes. However, if the EU adjusts its tariff rates with China to strengthen the alliance in response to President Trump's "tariff bomb", BYD's entry into Europe will become easier. If the tariff adjustment occurs, it will be good news for BYD. BYD has grown into the world's largest electric vehicle company and is now targeting overseas markets. BYD has already prepared to increase local production bases in the European market, and if tariffs decrease, local sales are expected to grow significantly. BYD is currently selling models like ATTO 3 and Dolphin in Europe and plans to launch the ATTO 2 model in Europe in the future. This situation is bad news for the Hyundai Motor Group. Recently, due to the U.S. tariff issue, Hyundai Motor Group's sales in the U.S. market may decrease. In this case, the group must increase its sales in another developed automotive market—Europe. Especially since Europe is a developed market for electric vehicles, the focus should be on expanding the market centered around electric vehicles. However, if BYD competes, it may hinder sales growth. Due to the price and grade overlap between Hyundai's and Kia's main electric vehicles (Ionic 5, EV3, EV6, and Kona EV) and BYD's vehicles, competition is expected to intensify. Not only in Europe, but also in the South Korean market, BYD is expanding new models, posing a threat to Hyundai and Kia. The recently launched ATTO 3 received subsidies in South Korea earlier this year and is about to be delivered to customers. Last month, the South Korean Ministry of Environment confirmed a subsidy of 1.45 million won (approximately 7,400 RMB) for the ATTO 3. Given the lingering distrust of South Koreans towards Chinese-made electric vehicles, initial sales are not expected to be easy. However, from a long-term perspective, if Chinese-made electric vehicles sell globally, their position in South Korea is expected to change. According to data from energy research institute SNE Research, BYD sold a total of 4.13 million electric vehicles last year, ranking first in the global electric vehicle market. Tesla ranked second with sales of approximately 1.78 million vehicles. Therefore, BYD's revenue reached $107 billion last year, surpassing Tesla ($98 billion) for the first time. So far, BYD has relied on the domestic Chinese market, but it has recently been expanding its business scope, focusing on the European and Asian markets. Last year, BYD sold a total of 254,000 electric vehicles outside of China, more than doubling the previous year. Its share also rose from around 2% in 2023 to 4.2% last year. [Image: //p3-sign.toutiaoimg.com/tos-cn-i-ezhpy3drpa/506e9a1faf204a5c959001bb5b022815~tplv-obj:1920:1080.image?_iz=97245&bid=15&from=post&gid=1831338000371715&lk3s=06827d14&x-expires=1754265600&x-signature=TruAsi203k%2FRDNnwJ89wYx8MaCU%3D] Original source: https://www.toutiao.com/article/1831338000371715/ Disclaimer: This article represents the views of the author.