South Korean media: BYD's first year in South Korea was a big success, can it break 10,000 units this year?

On January 12, the South Korean media "Today's Finance" published an article stating that the Chinese electric vehicle brand BYD, which first entered the South Korean market in February last year, has successfully established itself. Despite the general prejudice against Chinese brands in the South Korean market, BYD has basically achieved its annual sales target of 5,000 units. With plans to expand service center scale and launch new models this year, people are focusing on whether BYD can break through the 10,000-unit sales milestone - a milestone for the import car industry.

According to industry insiders, BYD Korea sold a total of 4,955 units from March to November last year. Considering that the company entered the South Korean market in February, there were delivery delays in March, and actually started selling from April, this is the sales figure for eight months. Adding December's sales, BYD Korea expects its annual sales to easily exceed 5,000 units last year.

BYD ranked among the top five imported car brands in November. BYD sold 1,164 units in November, ranking fifth, following Tesla (7,632 units), BMW (6,526 units), Mercedes-Benz (6,139 units), and Volvo (1,459 units).

BYD's performance has attracted attention because it succeeded despite the widespread concerns and prejudices against Chinese brands at the time. BYD was the first Chinese electric passenger car brand to enter the South Korean market, and although it had strong sales performance globally, people's concerns exceeded expectations in South Korea.

The company's market penetration speed exceeded expectations, attributed to its unprecedented "market strategy" in South Korea. After establishing its brand image with highly competitive prices, the company quickly expanded its model lineup, service centers, and showrooms, thereby increasing sales.

When BYD first entered the South Korean market, it bet on a model priced lower than electric vehicles produced by local manufacturers such as Hyundai, Kia, and KGM. The ATTO 3's price ranged from 31.5 million to 33.3 million won, and although it received less government subsidies than those offered by Hyundai and Kia, it was still about 500,000 won cheaper than similar models.

After the impressive debut of the ATTO 3, the company focused on expanding its showrooms and service centers in South Korea. After entering the South Korean market, the company selected six dealers and established a dense sales network in Seoul, Suwon, Seongnam, Goyang, and Busan.

Expanding customer touchpoints, including service centers and showrooms, is a common strategy for BYD in global markets. As of December last year, BYD had 28 showrooms and 16 service centers in South Korea.

The rapid expansion of its new car lineup also proved effective. The compact SUV "ATTO 3" emphasized its affordable price, while the electric sedan "Seal" released in June highlighted its superior performance and advanced technology. Subsequently, the company launched the popular mid-sized SUV "Seagull 7" in September, aiming to meet a broader range of consumer needs. The Seagull 7 performed particularly well, selling over 1,300 units within two months of its release since September.

BYD reached 5,000 units in its first year in the South Korean market, and the focus of the market is on whether it can break through the 10,000-unit mark this year. This milestone holds symbolic significance in the South Korean import car market and is seen as a sign of brand success.

BYD expects to rapidly expand its new car lineup this year. Models that are popular in China and globally, such as the Dolphin, are considered strong competitors.

A South Korean industry insider said, "Due to the greater prejudice against Chinese brands in the market than in other markets, the prospects for BYD's success were once doubted, but it seems to have established itself faster than expected. At the same time, BYD has significantly improved South Korean consumers' perception of Chinese electric vehicles. Notably, even at the end of the year, BYD's sales continued to grow, which is quite different from South Korean domestic electric vehicles affected by the expiration of subsidies."

Original: toutiao.com/article/1854076283874313/

Statement: This article represents the views of the author.