BYD Korea, the South Korean subsidiary of BYD (HKG: 1211, OTCMKTS: BYDDY), announced on Tuesday that it has finalized the selection of six dealer partners ahead of its official launch in South Korea in January next year. This move signifies the company’s commitment to establishing a strong presence in the South Korean market, as reported by South Korea’s Maeil Business Newspaper.
The six chosen dealers include DT Networks, Samchully EV, Harmony Automobile, Vision Mobility, GNB Mobility, and SS Motors. These partners will be responsible for the sales of BYD passenger cars and providing customer service in South Korea. BYD has opted to follow its established dealer system, which has proven successful in 99 countries and regions where the company operates.
BYD Korea is gearing up for the launch of the BYD brand in South Korea in January, following a thorough review of the market’s potential for passenger car brands. In a recent announcement, BYD Korea confirmed its entry into the Korean market, with preparations underway for the establishment of a regional passenger car sales and service network. This includes recruiting employees, obtaining vehicle certification, and finalizing marketing strategies and employee training programs.
While BYD first entered the South Korean market in 2016, focusing on commercial vehicles like forklifts, buses, and trucks, the company is now expanding its offerings to include passenger cars. Additionally, there were discussions in 2023 about a potential joint venture with South Korean automotive company KG Mobility to build a battery cell plant in South Korea. However, no official updates on this project have been released by BYD thus far.
In the Asian automotive industry, both South Korea and Japan have established themselves as key players with strong local auto giants. BYD made its entry into Japan’s passenger car market in 2022 and has seen significant growth in sales, with 1,084 vehicles sold in the first half of 2024. This success in Japan serves as a promising indicator of BYD’s potential in the South Korean market.
As BYD continues to expand its global presence and product offerings, the company’s focus on establishing a strong dealer network in South Korea highlights its commitment to providing high-quality products and services to customers in the region. Stay tuned for more updates on BYD’s developments in the South Korean market.
