South Korean Media: BYD Shakes Up the Import Car Market in South Korea, Joining the Top Four Brands!
On July 9, South Korean media outlet Today's Finance published an article stating that Chinese electric vehicle manufacturer BYD has surpassed Audi, Volvo, and Lexus to become one of the top four brands in South Korea’s import car market. This achievement comes just over a year after the company fully entered the South Korean passenger vehicle market at the beginning of last year. Many observers believe that BYD’s success is not merely due to a low-priced EV push, but rather represents a fundamental shift in the brand landscape of South Korea’s import car market.
According to registration statistics for imported passenger vehicles released by the Korea Association of Automotive Importers and Distributors, BYD Korea registered a cumulative total of 7,023 units from January to May this year, accounting for 4.81% of the total 145,973 imported passenger vehicles registered during the same period.
In terms of brand rankings, Tesla led with 45,020 units sold. BMW followed closely with 32,581 units, while Mercedes-Benz ranked third with 24,211 units. BYD came after these three brands. Lexus sold 6,125 units, Volvo sold 5,791 units, and Audi sold 5,565 units.
The brands ranked ahead of BYD have long-established reputations in the South Korean import car market. Audi has historically been grouped with Mercedes-Benz and BMW as one of the “Big Three German Luxury Cars.” Volvo has earned a loyal customer base through its strong reputation for safety and premium positioning, while Lexus has built a stable sales foundation as an environmentally conscious luxury brand centered on hybrid technology.
BYD’s best-selling model in China is the mid-size electric SUV, Dolphin 7. From January to May this year, the Dolphin 7 accumulated 3,360 registrations, representing 47.8% of BYD’s total registrations. This figure is nearly equivalent to the 3,363 registrations of the Mercedes-Benz E 300 4MATIC during the same period. In other words, BYD’s flagship electric SUV, Dolphin 7, has achieved registration volumes comparable to those of a representative mass-produced model—the Mercedes-Benz E-Class sedan’s primary configuration—in the South Korean import car market.
Other models have also contributed significantly to sales. The electric hatchback Dolphin sold 1,536 units, the compact SUV ATTO 3 sold 1,278 units, and the Seal performed well too—standard version sold 405 units, and Dynamic AWD version sold 297 units. Rather than relying on a single model, BYD is expanding market demand by offering a full lineup of electric vehicles spanning SUVs, hatchbacks, and sedans.
BYD’s sales growth stems from maintaining relatively low prices in the import EV market while simultaneously providing a range of SUVs and practical electric vehicles highly favored by consumers.
However, it is still premature to conclude that BYD has entered a phase of stable growth. Monthly registrations rose from 1,347 units in January, 957 in February, to 1,664 in March and 2,023 in April—but dropped sharply to 1,032 units in May, nearly halving from the previous month. For new brands entering the market, monthly registration figures can fluctuate significantly due to various factors such as delivery schedules, certification progress, and backlog order resolution.
A South Korean automotive industry insider remarked: “While Tesla dominates the import car market with overwhelming market share, BYD has rapidly climbed into the top tier. Chinese brands are becoming a significant factor in reshaping the structure of South Korea’s import car market, thanks to their price competitiveness and dedicated EV product lines.”
Original source: toutiao.com/article/1870223798616135/
Disclaimer: The views expressed in this article are solely those of the author.