BYD, the Chinese electric vehicle manufacturer, is making significant strides in the South Korean market. The company plans to expand its sales network in South Korea from 15 to 30 by the end of this year, in response to the growing demand from Korean consumers. This move comes after BYD officially entered the South Korean market earlier this year, challenging local brands like Hyundai.
At the Seoul Mobility Show in Ilsan city, BYD showcased its Seal mid-size sedan, which is priced at 47.5 million won ($32,580) excluding subsidies. The company’s booth at the show was described as one of the largest and most impressive, featuring a range of models including the Seal and six other vehicles.
According to a report in Bloomberg, BYD’s general manager of Asia Pacific auto sales division, Liu Xueliang, announced the company’s plans to double its sales network in South Korea. In addition to expanding its sales network, BYD also aims to increase its service centers in the country to 25 by the end of the year, up from 12.
The Chosun Daily reported that BYD is set to launch the Atto 3 in South Korea this month, with a price tag of around 30 million won. Following the Atto 3, BYD plans to introduce the Seal and the midsize SUV Sealion 7 later this year. Cho In-chul, managing director of BYD Korea’s passenger car business, emphasized that in its first year in South Korea, BYD is focused on establishing a strong foundation rather than setting sales targets.
BYD officially entered the South Korean passenger car market on January 16, introducing the Atto 3 electric SUV and accepting reservations. However, the delivery of the Atto 3 in South Korea has been delayed due to finalization of government subsidies. Despite this delay, BYD remains committed to expanding its presence in the South Korean market and aims to continue introducing new models to cater to the growing demand for electric vehicles.
In line with its ambitious goals, BYD has set a target of selling 5.5 million cars in 2025, including more than 800,000 units in overseas markets. This demonstrates the company’s commitment to expanding its global reach and solidifying its position as a leading player in the electric vehicle industry. With its innovative technology and diverse range of models, BYD is poised to make a significant impact in the South Korean market and beyond.
