BYD entering South Korean market in January

BYD will officially enter the South Korean car market on January 16. Initial plans call for setting up 15 showrooms, largely concentrated in large cities such as Seoul and Busan. BYD is aiming for sales of 10,000 cars in the South Korean market during 2025.

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As has been the case so many times before, when BYD enters a new market, The initial models will consist of the Atto 3, Seal, and Dolphin electric cars. BYD has also denied a rumor that it would enter the South Korean car rental market and has instead said it will focus on selling passenger cars to consumers rather than leasing Cars.

Unlike the Japanese market, which BYD has already entered, the company will face considerable competition due to the strength of Korean producers in the EV sector. Hyundai and Kia are among the few legacy producers that have not only managed to produce credible EVs but have also managed to convert those into actual sales.

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Despite this, Korea’s domestic market for EVs is variable. Current expectations are for a 24.8% year-over-year decline in the market during 2024, with less than 122,300 units being sold. Research In January 2024 by Statista, However, indicated that 42.7% of respondents were considering buying an EV.

Two years ago, BYD entered the Japanese market in January 2023. According to statistics for the first half of 2024, BYD held 2.7% of the Japanese EV market.

Based on this result, the target of 10,000 sales during 2025 in South Korea seems overly optimistic as it would constitute 8% of the forecast market sales for 2024. Like Japan, South Korea has a strong automotive sector and consumers have traditionally favored Korean brands.

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Source: Yiche