Han media: "Made in China" electric vehicles sweep the South Korean market!

On July 28, the South Korean media "Seoul Economic Daily" published an article stating that this year, Chinese-made cars have significantly expanded their sales in the South Korean electric vehicle market, changing the industry landscape.

The number of electric vehicles imported from China to South Korea this year has exceeded 20,000. This is interpreted as a result of increased imports centered around the Tesla Model Y and BYD. If the current momentum continues, it is expected that the import volume may exceed 40,000 by the end of this year.

From January to May this year, the import volume of electric vehicles from China was 28,999 units, an increase of 6.1% compared to 19,698 units in the same period last year, accounting for 73.8% of the total import volume of electric vehicles in South Korea, an increase of 3.5 percentage points compared to the same period last year.

According to the Korea Automobile Manufacturers Association (KAMA), from January to May this year, brands such as BYD, Tesla, and Volvo have launched new electric vehicles. Although Tesla and Volvo are not Chinese brands, some of their models are produced in China.

Among them, BYD has been the most outstanding. In April and May, BYD sold a total of 1,056 cars, ranking third in the import volume of electric vehicles in South Korea, behind Tesla and BMW. Since entering the South Korean market this year, BYD has quickly expanded its influence in South Korea.

Especially, BYD has ranked third with just one compact electric SUV "ATTO 3," which is priced slightly above 30 million won, prioritizing cost-effectiveness, and achieved success. It is nearly 10 million won cheaper than the modern car "Kona Electric" and the Kia "EV3" of the same level.

BYD also plans to launch an electric sedan "Seal" and a mid-size electric SUV "Chaser 7" in the second half of the year.

In addition, BYD has expanded its business from new cars to used cars and car rental markets. In March this year, BYD established an independent BYD Korea Automobile Company in South Korea and sold ATTO 3 to a car rental company in Jeju Island.

After the successful establishment of the Korean company, it is expected that other Chinese electric vehicle companies will also rapidly enter the South Korean market.

Zhejiang Geely Holding Group's electric vehicle brand "Zeekr" established a subsidiary in South Korea in February this year and completed the trademark registration for the mid-size electric SUV "7X". In addition, Zeekr has selected dealers responsible for domestic sales and service in South Korea and is about to enter the South Korean market.

One of China's top five automakers, Changan Auto, is also pushing to establish a subsidiary this year, with the goal of selling cars in South Korea next year.

The South Korean automotive industry is also closely watching the offensive of Chinese automotive brands. With Chinese companies launching various electric vehicle models and emphasizing price competitiveness, South Korean automakers may lose market share.

KAMA said, "In the future, Chinese companies including BYD will implement active pricing strategies on various models. To ensure industrial competitiveness in the future global automotive competition dominated by China, continuous and systematic policy support is needed."

Original: https://www.toutiao.com/article/1838885344492618/

Statement: The article represents the views of the author.