BYD will officially introduce some of its most popular EVs to another overseas market in just a few weeks. The Chinese EV giant is now looking to enter South Korea, a market dominated by automakers such as Hyundai. Can BYD's low-cost EVs break Hyundai's hold on the region?
BYD will launch EVs in South Korea in January 2025
After another month of record sales in November, its second with sales of more than 500,000 vehicles, BYD is making a strong push overseas to boost growth.
BYD is already a leading EV brand in many overseas regions, such as Southeast Asia and Central and South America. Now, it aims to increase its global market share even more.
China's largest automaker expects sales to accelerate in places like Europe with EVs tailored to customer preferences, such as its new Sealion 07 mid-size electric SUV. It has also begun breaking into the Toyota market in Japan.
Recently, BYD confirmed plans to challenge Hyundai in its field. On January 16, 2025, BYD will officially launch some of its most popular EVs in South Korea, including the Dolphin, Atto 3, and Seal.
According to Chinese media Turn it offBYD aims to sell 10,000 cars in South Korea next year. It will open 15 showrooms in densely populated areas such as Seoul, Busan, and others.
Despite recent rumors, BYD has denied plans to enter the Korean rental car market. Instead the company will focus on growing its passenger car business.
BYD will face tough competition from Hyundai and Kia, which are introducing their own low-cost EVs. In Korea, Hyundai's Casper Electric starts at around $20,000 (27.4 million won). With incentives, it can be purchased for as little as $7,300 (ten million won). Meanwhile, Kia's EV3 electric SUV starts at around $30,000 (42.08 million won).
Can BYD match Hyundai and Kia? BYD's EVs are among the best-selling in China and abroad. The cheapest, the Seagull EV (Dolphin Mini overseas), starts at under $10,000 in China.
However, in overseas markets, where it is purchased, the Seagull (Dolphin Mini) costs twice as much, at around $20,000 in Brazil and Mexico. The same is true of its Atto 3. BYD's electric SUV starts at less than $20,000, but in places like Germany, it costs around $43,000.
Electrek's Take
BYD is already finding some success in Japan, another market dominated by domestic players such as Toyota. In the first nine months of 2024, the company sold 1,742 EVs in Japan, up 96% from last year. BYD accounts for about 3% of Japan's EV sales.
After launching the brand in Japan, starting at $33,100 (¥5.28 million), BYD's electric sedan became the best-selling import EV in August.
Other BYD EV models, including the Atto 3 and Dolphin, start at around $30,000 (¥4.4 million) and $24,500 (¥3.63 million), respectively. Prices are expected to be similar in South Korea.
Hyundai accounted for more than 50% of car sales in South Korea last year. At Kia they are estimated at 39%. Will BYD gain ground? Let us know your thoughts below.
Source: CarNewsChina, Yiche
FTC: We use auto affiliate links to earn income. More.