South Korean media: 6,000 vehicles, BYD has firmly established itself in South Korea in its first year!
On January 28, the South Korean media "JoongAng Ilbo" published an article stating that Chinese electric vehicle company BYD has entered the "substantial rooting" phase in the South Korean market, rather than the previously expected "testing" phase. Despite various adverse factors, including consumer resistance to Chinese brands, slowing demand for electric vehicles, and reduced subsidies, BYD has firmly established itself in the South Korean market with an annual sales volume of about 6,000 vehicles. The South Korean industry has also begun to change its perspective, believing that BYD's success is not merely due to the new car effect, but rather the result of multiple factors such as price competitiveness, product portfolio, and distribution strategies.
According to the Korean Association of Importers and Dealers of Automobiles (KAIDA), BYD Korea sold 4,955 vehicles from January to November last year. Adding the December sales, the total annual sales are expected to reach about 6,000 vehicles. Achieving such results in the first year of entering the South Korean market is considered rare.
BYD Korea's success is mainly attributed to its highly competitive pricing. The compact electric SUV "ATTO3," launched in South Korea in April last year, quickly attracted the attention of Korean consumers, with the top-of-the-line model starting at 33 million won. By the end of November last year, the cumulative sales had exceeded 2,600 units, playing a crucial role in establishing its image as a "high-value electric vehicle."
The "Sealion 7," launched by BYD in September last year, is seen as an example of going beyond just a low-price strategy. This model achieved sales of more than 2,000 units within three months of its launch, accounting for over 60% of BYD's total sales during the same period. It quickly gained market recognition, especially among consumers aged 40 to 50 who have a strong demand for mid-size SUVs, and has successfully become BYD's flagship model.
In addition to its highly competitive pricing, BYD's customer interaction strategy is also worth noting. Since entering the South Korean market, BYD has actively expanded showrooms and service centers, emphasizing its "people-oriented" brand concept. By the end of last year, BYD had approximately 30 showrooms and 16 service centers in South Korea. BYD has actively used showrooms located in large shopping malls, allowing consumers to seamlessly experience its vehicles in their daily lives. This strategy is considered to accurately match the characteristics of the South Korean market, which emphasizes the car purchasing experience.
BYD Korea plans to make this year a turning point in its entry into the South Korean market. Last year, the company mainly relied on price competitiveness to establish itself, while this year it will shift its strategic focus to expanding its market share by launching new models and strengthening marketing efforts. Subsequent models currently under discussion include the compact electric hatchback "Dolphin" and plug-in hybrid models. In addition, the company plans to further expand its showrooms and service centers and strengthen marketing centered around experience.
A South Korean industry insider said: "The initial success of BYD is not simply the result of price competition, but rather the combined effect of factors such as vehicle type selection, distribution strategy, and customer experience design. Based on the performance of new car launches this year, BYD may have a significant impact on the structure of the South Korean imported electric vehicle market."
Original article: toutiao.com/article/1855548527346890/
Statement: This article represents the views of the author.