BYD will officially launch some of its most popular EVs in another overseas market in just a few weeks. The Chinese EV giant is now looking to break into South Korea, a market dominated by automakers like Hyundai. Can BYD’s low-cost EVs break Hyundai’s grip in the region?
BYD will launch EVs in South Korea in January 2025
After another record sales month in November, its second with over 500,000 vehicle sales, BYD is making a strong push overseas to drive growth.
BYD is already a leading EV brand in many overseas regions, such as Southeast Asia and Central and South America. Now, it aims to increase its global market share even further.
China’s largest automaker expects sales to quickly accelerate in places like Europe with EVs tailored to customer preferences, like its new Sealion 07 mid-size electric SUV. It’s also starting to break into Toyota’s home market in Japan.
Most recently, BYD confirmed plans to challenge Hyundai on its home turf. On January 16, 2025, BYD will officially launch some of its most popular EVs in South Korea, including the Dolphin, Atto 3, and Seal.
According to Chinese media outlet Yiche, BYD aims to sell 10,000 vehicles in South Korea next year. It will open 15 showrooms in high-traffic locations such as Seoul, Busan, and others.
Despite recent rumors, BYD denied plans to enter the Korean rental car market. The company will instead focus on growing its passenger car business.
BYD will face stiff competition from Hyundai and Kia, which are launching low-cost EVs of their own. In Korea, Hyundai’s Casper Electric starts at around $20,000 (27.4 million won). With incentives, it can be bought for as little as $7,300 (10 million won). Meanwhile, Kia’s electric EV3 SUV starts at around $30,000 (42.08 million won).
Can BYD match Hyundai and Kia? BYD’s EVs are some of the most affordable in China and abroad. Its cheapest, the Seagull EV (Dolphin Mini overseas), starts at under $10,000 in China.
However, in overseas markets, where it’s imported, the Seagull (Dolphin Mini) costs twice as much, at around $20,000 in Brazil and Mexico. The same is true of its Atto 3. BYD’s electric SUV starts at under $20,000, but in places like Germany, it’s priced at around $43,000.
Electrek’s Take
BYD is already finding some success in Japan, another market dominated by domestic players like Toyota. Through the first nine months of 2024, the company sold 1,742 EVs in Japan, up 96% from last year. BYD accounted for around 3% of Japan’s EV sales.
After launching the Seal in Japan, starting at $33,100 (¥5.28 million), BYD’s electric sedan was the top-selling EV import by August.
Other BYD EV models, including the Atto 3 and Dolphin, start at around $30,000 (¥4.4 million) and $24,500 (¥3.63 million), respectively. Prices are expected to be similar in South Korea.
Hyundai accounted for over 50% of auto sales in South Korea last year. Kia accounted for around 39%. Will BYD gain a foothold? Let us know your thoughts below.
Source: CarNewsChina, Yiche
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