📰 BYD to Launch in South Korea's Passenger Car Market

The Chinese EV giant prepares to introduce its Atto 3 SUV, aiming for strong competition in South Korea's electric vehicle sector.

Chinese EV giant BYD is set to officially enter South Korea’s passenger car market on January 16, 2025. This move marks a significant milestone for the company, which has been operating in South Korea since 2016, initially focusing on commercial vehicles like buses and trucks. The upcoming launch will bring BYD’s first passenger vehicle to the South Korean market, the electric compact SUV, Atto 3.

BYD Korea has already received approval from the South Korean Ministry of Environment, with the Atto 3 receiving the necessary emissions and noise certifications. The model boasts a driving range of 321 km per charge under normal conditions, making it a competitive option in South Korea’s growing EV market.

The company is targeting annual sales of 10,000 units in South Korea, aiming to establish 15 sales outlets in key cities such as Seoul, Busan, and Jeju. BYD has also selected six local dealer partners, including DT Networks and Samchully EV, to handle sales and customer service. The Atto 3 is expected to be priced at approximately 35 million KRW (around $23,950), and it will be available to consumers by February 2025.

BYD's entry into South Korea puts it in direct competition with both local automakers like Hyundai and Kia and international players such as Tesla. With this move, BYD is further expanding its footprint in Asia, following its successful entry into Japan’s passenger car market in 2023.

Source: CnEVPost

The company’s global sales have surged, with a reported 4.27 million vehicles sold in 2024, a 41% increase compared to the previous year. BYD's entry into South Korea is a crucial step in its strategy to strengthen its position in the global electric vehicle market.

Source: CnEVPost, The Korea Economic Daily, CarNewsChina

Disclaimer:
The information and opinions provided in this article are for informational and educational purposes only and should not be considered as investment advice or a recommendation to buy, sell, or hold any financial product, security, or asset. The Future Investors does not provide personalized investment advice and is not a licensed financial advisor. Always do your own research before making any investment decisions and consult with a qualified financial professional before making any investment decisions. Please consult the general disclaimer for more details.