BYD Achieves Milestone with 1,000th Atto 3 Delivery in South Korea
BYD (HKG: 1211, OTCMKTS: BYDDY) has reached a significant milestone by delivering its 1,000th unit of the compact electric SUV Atto 3 in South Korea in less than two months. This achievement marks the initial success of the Chinese new energy vehicle (NEV) maker in the South Korean market.
The 1,000th Atto 3 was handed over at BYD Korea’s Seoul Seocho showroom on May 28, just one and a half months after deliveries commenced on April 14. The Atto 3, known as the Yuan Plus in China, has quickly gained popularity among South Korean consumers.
Customer demographics for the Atto 3 in South Korea have shown a balanced distribution, with 20-30 year-olds accounting for 20%, those in their 40s for 30%, those in their 50s for 32%, and those over 60 for 18%.
BYD entered the South Korean passenger vehicle market on January 16, introducing the Atto 3 following its successful entry into the commercial vehicle market in the country. Despite initial delays in delivery timelines due to subsidy certification bottlenecks, the Atto 3 garnered over 1,000 pre-orders within the first week of its launch.
In April, the Atto 3 outsold the Tesla Model Y Long Range Edition in South Korea, with 543 units sold compared to Tesla’s 533 units. Overall, the Atto 3 accounted for 14.6% of the imported EV market in South Korea in April, solidifying its position as a popular choice among consumers.
Originally launched in China in February 2022 as BYD’s first global model, the Atto 3 has a starting price of RMB 115,800 ($16,340) in China. In South Korea, the vehicle is priced at KRW 31 million ($22,550) before subsidies, making it an attractive option for eco-conscious consumers.
Looking ahead, BYD plans to double its sales network in South Korea from 15 to 30 by the end of this year, further expanding its presence in the market. With the success of the Atto 3 and growing demand for electric vehicles, BYD is well-positioned to capitalize on the thriving South Korean market.
