South Korean media: Fourth place, BYD is shaking up the South Korean electric vehicle market!

On December 10, the South Korean media "Herald Economic" published an article stating that BYD's share in the South Korean electric vehicle market is growing significantly. Although Tesla still leads in absolute sales, it is predicted that BYD is accelerating its overseas expansion and will form a duopoly with Tesla.

According to data released by the Korea Association of Importers of Automobiles, among the 6,922 imported electric vehicles registered in October, 4,350 were Tesla, while the rest were mostly BYD cars (32%, 823 units). BYD's cumulative sales from January to October reached 3,791 units, ranking fourth, behind Tesla, BMW, and Audi, surpassing major import brands such as Mercedes-Benz, Polestar, and Volvo.

BYD is accelerating its entry into the South Korean market by emphasizing price competitiveness and expanding its service network. The price of the BYD Seagull Dynamic AWD mid-size electric sedan in South Korea is 46.9 million won, which is 7.9 million won cheaper than in Australia and 9.9 million won cheaper than in Japan.

Additionally, the top-of-the-line model of BYD ATTO 3 is priced at 33 million won, and after subsidies, it is cheaper than the Hyundai Kona Electric and Kia EV3 of the same level.

As of October, BYD South Korea has operated 23 showrooms and 15 service centers, and plans to increase them to 30 and 25 respectively by the end of the year. Considering that the company has been in the South Korean market for only six months, this development speed is rare.

BYD focuses on the South Korean market because South Korean consumers have strong purchasing power and high acceptance of electric vehicles. With a well-established charging infrastructure and favorable government policies, it is evaluated as having great growth potential.

Globally, the duopoly between BYD and Tesla is becoming increasingly evident. According to data from SNE Research, BYD sold 2.96 million electric vehicles from January to September this year, a 10% increase year-on-year, maintaining its position as the world's largest electric vehicle manufacturer. During the same period, Tesla sold only 1.21 million units, a 6% decrease year-on-year.

Original: toutiao.com/article/1851086549667840/

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