BYD is poised to enter the South Korean market in the third quarter of this year. This move marks the company’s first foray into the country with electric passenger vehicles.
Industry insiders have revealed that BYD is preparing to launch at least three passenger car models in South Korea, including an electric mid-sized sedan.
As part of the pre-launch preparations, one of BYD’s new models is undergoing a performance certification assessment by the South Korean Ministry of Environment. This process is crucial for BYD’s vehicles to be eligible for national subsidies, a critical factor in promoting EV adoption among consumers.
Someone familiar with the electric vehicle industry mentioned, “We are seeking partnerships with dealers in Seoul to exhibit the new cars in July.” This statement underscores BYD’s commitment to establishing a solid presence in the South Korean market, leveraging local dealerships to reach potential customers.
For reference, BYD officially entered the Japanese passenger car market in January of the previous year, launching three all-electric models: Seal, Dolphin, and ATTO 3. BYD undertook various initiatives to penetrate the Japanese market, including establishing its dealer network and forming agency agreements with well-known local dealers and automotive parts sellers.
BYD has previously entered the Korean electric bus market
Before the expansion, BYD had already made its mark in South Korea by introducing electric buses. In October 2023, BYD Korea launched the BYD eBus9, a 9-meter pure electric bus, during a ceremony in Gyeonggi Province to commemorate the delivery of the first vehicle. The BYD eBus9, equipped with “lithium iron phosphate blade batteries,” offers approximately 20% improved space utilization and an impressive certified range of 474 kilometers by the Ministry of Environment.
In 2023, BYD delivered 726 electric buses in South Korea, establishing a solid foundation for its entry into the passenger vehicle segment.
BYD’s entry into the South Korean market is set to intensify competition with established automakers such as Hyundai, Kia, and Tesla. In 2023, BYD solidified its position as the global leader in electric vehicle manufacturing, with sales reaching 3.02 million units, reflecting a 62% increase from the previous year.
Source: iTHome
