BYD Korea looks to offset subsidy exclusion with PHEV sales

BYD Korea is expected to pivot its strategic focus toward plug-in hybrid electric vehicles (PHEVs) to offset its exclusion from the government’s electric vehicle (EV) subsidy program. The Chinese EV maker recently rose to the fourth spot in the nation’s imported car sales, behind Tesla, BMW and Mercedes-Benz, but the momentum has hit an unexpected snag, as its all-electric models became ineligible for subsidies starting Wednesday. However, the carmaker is widely forecast to counter the disadvantage by aggressively expanding its PHEV lineup, anchored by its strategically priced Sealion 6 PHEV. According to the Ministry of Climate, Energy and Environment, BYD Korea failed to win the subsidy for its passenger car business here due to its weak profile in supply chain contribution, a category given greater weight under the government's revised evaluation criteria. Having entered Korea's passenger vehicle market only in January last year, the company scored poorly in that category. Under the government’s updated EV subsidy rule, the climate ministry scores automakers across five categori