Korean Media: BYD Enters South Korea Market Just One Year Ago, Sales Approaching 10,000 Units!
On April 23, South Korean media outlet *Herald Economic* published an article stating that China’s leading electric vehicle manufacturer, BYD, has already shaken up the South Korean imported car market just one year after entering. This year, BYD not only ranked among the top five imported car brands in South Korea but also poses a growing threat to Lexus’s dominant position. With the upcoming arrival of premium brand Zeekr into the South Korean market, Chinese electric vehicles are becoming a significant force in the domestic imported car sector.
Data released by the Korean Automobile Importers Association shows that BYD sold a total of 2,304 vehicles in January and February this year, ranking fifth among all imported car brands in South Korea. This performance surpassed Volvo (2,132 units) and Audi (1,838 units), narrowing the gap with fourth-place Lexus (2,577 units) to just around 200 units.
Notably, BYD’s cumulative sales in South Korea are on track to exceed 10,000 units. BYD began selling in South Korea last April, and in its first full year alone, it sold 6,107 vehicles, bringing its cumulative sales past 8,000 units.
This growth rate is remarkable even when compared to established imported car brands. BMW entered the South Korean market in 1995; it took seven years, until 2002, for its cumulative sales to reach 10,000 units. More recently, Tesla, which has been driving growth in the South Korean imported car market, reached the 10,000-unit milestone four years after launching in the country, in 2017.
BYD’s success appears to be increasing the chances of other Chinese automakers preparing to enter the South Korean market. As the domestic Chinese market approaches saturation, Chinese companies are increasingly seeking breakthroughs through global expansion.
Chinese automakers surpassed Japan last year to become the world’s top new car seller, making their global performance ever more critical. As a result, major Chinese EV brands are accelerating their entry into the South Korean market. In South Korea, Zeekr has officially announced plans to launch a new model this year, while XPeng and Xiaomi are also considering entering the market.
The premium electric vehicle brand Zeekr plans to launch its mid-size electric SUV, the “7X,” in South Korea this year. Zeekr is a premium brand under the Geely Auto Group and shares the dedicated electric vehicle platform “SEA” with other brands within the Geely Group.
Chinese automakers begin establishing service centers across major cities nationwide from the outset of market entry and adopt aggressive pricing strategies—differing sharply from the gradual expansion approach taken by existing imported car brands. This strategy is interpreted as a deliberate effort by Chinese companies to build brand credibility from day one.
A South Korean industry insider commented: “Due to the historical pattern of Chinese cars quickly exiting the domestic market after entry, consumers have long held negative perceptions toward Chinese vehicles. Rapidly expanding service networks is a strategic move to change this perception. If premium brands like Zeekr can successfully surpass the image of high-value-for-money models, Chinese automakers could significantly reshape the landscape of South Korea’s imported car market.”
Original Source: toutiao.com/article/1863252073401354/
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