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BYD is gearing up to introduce its Atto 3 and Seal electric vehicles in South Korea by early 2025, signaling the Chinese automaker’s entry into the passenger car market. The launch aims to capture South Korea’s rapidly expanding EV market alongside major competitors like Tesla and Hyundai.
BYD Eyes South Korean Market to Compete with Tesla
South Korea is a new market where BYD will compete with Tesla. The South Korean passenger car market is set to welcome the Chinese automaker next year, according to The Korea Economic Daily.
Korean sales affiliate BYD Korea "completed review to release passenger car brands in the domestic market" on November 13, Wednesday. Commercial vehicles like buses, forklifts, and trucks were introduced to the South Korean market by BYD in 2016. Beginning in the first quarter of 2025, BYD Korea will begin selling passenger cars in South Korea.
“To meet the high expectations of Korean consumers, we conducted in-depth evaluations with experienced employees and partners."
According to Cho In-chul, the head of BYD Korea's passenger car division, the company is making great efforts to build a reputation that can win over Korean consumers by utilizing its innovative technology and track record of success on a worldwide scale.
BYD Prepares Extensive Infrastructure for Market Entry
In preparation for entering the South Korean passenger car market, BYD Korean is actively hiring and setting up regional sales and service. It has to train employees, complete marketing strategies, and get car certifications, among other things.
Teslarati points out that BYD and Tesla have been involved in several high-profile battles in recent years. Full electric and plug-in hybrid vehicles are just two of the many new energy vehicles offered by BYD.
Chinese Brands Face Challenges in South Korea’s Market
South Korean passenger car sales have been slow for Chinese companies, according to local media. Concerns about quality and safety have made it difficult for Chinese new energy vehicle makers to gain popularity in South Korea.
On the other hand, Giga Shanghai's Teslas have been selling well in South Korea, which could have increased Chinese EV imports.
In the first seven months of 2024, according to data from the Korea International Trade Association (KITA), Chinese EV imports reached $848 million. South Korea imported 66% of all electric vehicles manufactured in China. This was mostly due to the reasonably priced Tesla Model Y and Model 3, which made up the majority of the Chinese market.
BYD’s Models Target Tesla and Hyundai Competitors
The Atto 3 and Seal, two electric vehicles from BYD, are set to make their debut in South Korea. The Atto 3 has previously been certified environmentally by the Ministry of Environment in South Korea. Certification from the BYD Seal has not yet been received by the company.
In South Korea, the BYD Seal will likely face stiff competition from the likes of the Hyundai IONIQ 6 and Tesla Model 3.
“We have thoroughly examined (the Korean passenger car market) with employees and partners with diverse experiences to meet the high expectations of Korean consumers."
“We will strive to become a trusted brand among Korean consumers with our successful global expansion strategy and outstanding technology,” Cho stated.
