A walkthrough of a Korean auto show turns into a clear warning: Chinese carmaker BYD is undercutting everyone, and that's bad news for Tesla, Volkswagen, and the Korean and Japanese brands.

• BYD packs in lots of tech and sells 20–30% cheaper than rivals, drawing the biggest crowds at the show.
• BYD is blocked from the US market for now, but it's selling like crazy everywhere else.
• Volkswagen is cutting 100,000 jobs and Tesla is struggling, both hammered by BYD's prices.
• Buyers are shifting from pure electric to hybrids, partly to dodge high car prices and high gas prices.
• New car launches are thin because Trump tariffs and the Iran war are choking supply chains — it's not worth releasing models you can't build.

Outlook: If BYD ever enters the US, it could be game over for a lot of carmakers — so expect Korean, Japanese, and US brands to scramble on cheaper models.