NEWS: Tesla Korea was selected for South Korea's 2026 EV subsidy program, while Chinese rival BYD was excluded 🔥 The selection means Tesla vehicles sold in South Korea will continue to qualify for both national and local EV purchase subsidies. National subsidies pay up to 6.8 million won, about $4,700 per vehicle. Local subsidies on top can add more. 10 passenger vehicle companies were approved including Tesla Korea, Hyundai Motor, Kia, BMW Korea, Mercedes-Benz Korea, Volkswagen Group Korea, Volvo Cars Korea and Polestar Korea. BYD was excluded from the final list. New BYD subsidy applications submitted from July 1 will no longer qualify for government support. The new evaluation system was introduced this year to assess each automaker's ability to operate in the Korean market and provide adequate after-sales support. It scores companies on industry contribution, R&D capability and local investment. South Korea designed the system in part to favor domestic brands. Tesla was widely expected to be at risk because it has no dedicated EV R&D facility in Korea. Tesla cleared the hurdle anyway. The Korean Ministry of Environment had said foreign automakers need to expand local after-sales networks, collaborate with parts suppliers and increase Korean market contributions to remain eligible. For context, Tesla sold about 60,000 vehicles in South Korea last year. The Model Y is the best-selling EV in the country.

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