Chinese auto giant BYD officially expanded into Argentina on Wednesday, launching three electric and hybrid models in Latin America's third-largest economy.
This latest milestone for China's largest electric vehicle (EV) manufacturer BYD came after the Argentine government lifted import tariffs and taxes on electric and hybrid cars under 16,000 dollars before taxes and fees. These tariff exemptions make these state-of-the-art models more price-competitive.
"We've already pre-sold more than 160 cars, and we haven't even opened the dealerships yet. This is unprecedented. Nothing like this has ever happened in Argentina," said Horacio Jack, CEO of auto dealer Grupo Jack.
However, there are still challenges in Argentina's EV market. These include not only a lack of charging stations, but also economic turbulence, with President Javier Milei facing crucial midterm elections.
"It has to do with the political-economic situation in Argentina. There are ups and downs. At the moment, it seems to be heading in a direction of a significant opening up, and let's hope it continues like that. But then again, this is a country that often has a few instability in store for the future," said Norberto Lema, an auto industry analyst.
BYD already has a huge presence across Latin America, enjoying considerable sales in Mexico, Brazil, Uruguay, Colombia, Chile and other countries. This Chinese brand sees Argentina as another major opportunity for expanding its South American footprint and already plans to launch six more models next year.
"The decision of when to enter in the market depends on a lot of many factors. Today, the market is ready. We are very happy now that Argentina is more open. I think this is a good signal, not only from BYD to Argentina, even for Argentina and around the world, because this is a big brand in the market, a big company here, and this is a signal of investment, too," said Jose Miranda, marketing director of BYD Americas.
Chinese automaker BYD expands into Argentina with booming pre-sales
The Republic of Korea (ROK)'s former impeached President Yoon Suk-yeol on Friday was sentenced to five years in prison on arrest obstruction charges.
The criminal division of the Seoul Central District Court in charge of Yoon's obstruction of justice case handed down the prison sentence to Yoon for abusing the presidential security service to hinder the anti-corruption agency from executing its arrest warrant in January 2025.
The Corruption Investigation Office for High-ranking Officials (CIO) was once thwarted in its attempt to arrest Yoon as the presidential security service formed human shields and bus blockades to prevent investigators from entering the presidential residence.
The team of Cho Eun-suk, an independent counsel who led investigations into Yoon's insurrection and other charges, demanded a 10-year prison term for Yoon.
The court said Yoon privatized the presidential security service for personal safety and private interests by blocking the law enforcement agencies' lawful execution of an arrest warrant and attempting to destroy evidence, pointing out that despite the very bad nature of his crime, he consistently offered unconvincing excuses and showed no remorse.
The court stressed that severe punishment was necessary, considering the need to restore the rule of law damaged by Yoon's crime, but it noted that the fact that he was a first-time offender with no criminal record was considered a favorable factor.
The sentencing, which was broadcast live, was Yoon's first verdict coming from his botched martial law bid.
The first-instance sentencing for Yoon's insurrection charges was scheduled for Feb 19. The special counsel sought a death penalty for Yoon on the charges.
Yoon declared emergency martial law on the night of Dec 3 in 2024, but it was revoked hours later by the National Assembly.
The constitutional court upheld a motion to impeach Yoon in April 2025, officially removing him from office.
The ousted leader was indicted while in detention in January 2025 on charges of leading an insurrection, becoming the first sitting ROK president facing such prosecution.
ROK ex-president Yoon sentenced to 5 years in prison on arrest obstruction charges
