BYD Korea has announced its plans to enter the South Korean passenger car market early next year, after successfully establishing a presence in the local commercial vehicle market in recent years. The subsidiary of Chinese new energy vehicle (NEV) maker BYD stated that it has completed the necessary reviews for releasing its passenger car brands in the domestic market, with an official entry date expected in the near future.
The company’s expansion into South Korea’s consumer EV market is a strategic move that is set to intensify competition, particularly in the low-cost segment where local industry giants Hyundai and Kia have already begun introducing more price-competitive EV models. BYD Korea is currently in the process of setting up a regional passenger vehicle sales and service network, recruiting staff, obtaining vehicle certifications, and finalizing marketing strategies and employee training.
Cho In-chul, head of BYD Korea’s passenger car division, emphasized the company’s commitment to meeting the high expectations of Korean consumers by leveraging its global success and cutting-edge technology. He stated that BYD Korea is dedicated to establishing a brand that can earn the trust of Korean customers through meticulous preparation and collaboration with experienced employees and partners.
In addition to its entry into the passenger car market, BYD was reportedly in talks with South Korean automotive company KG Mobility (formerly Ssangyong Motor) to build a joint battery cell plant in South Korea. The planned battery pack plant was expected to commence mass production in January 2025, marking the first joint venture plant in South Korea between a foreign battery producer and a local automaker. While BYD has not provided official confirmation regarding the battery plant, the potential collaboration signifies a strategic move towards bolstering its presence in the South Korean market.
As BYD prepares to make its mark in South Korea’s passenger car market, industry analysts anticipate heightened competition and increased innovation within the EV sector. With its proven track record in commercial vehicles and a strong focus on cutting-edge technology, BYD is poised to make a significant impact on the South Korean automotive landscape. Stay tuned for updates on BYD’s official entry into the South Korean market and its future endeavors in the region.
