South Korean media: "We didn't expect it to sell so well," BYD has firmly established itself in South Korea!

On March 28, South Korean media outlet *Herald Economic* published an article stating that according to statistics from the Korea Automobile Importers Association (KAIDA), new imported passenger vehicle registrations in South Korea reached 20,960 units in January, up 37.6% year-on-year. This growth was largely driven by the strong performance of Chinese electric vehicle brand BYD. In January, BYD sold 1,347 units in South Korea, ranking fifth among imported car brands—surpassing established names like Audi (847 units) and Volvo (1,037 units), and trailing only Lexus (1,464 units). The increase compared to the same period last year was even more significant: BYD's sales in South Korea last year totaled 6,107 units, while its January 2024 sales alone accounted for 22% of that annual figure. Despite being a relatively new brand in South Korea, this achievement clearly demonstrates BYD’s strong market influence.

The surge of Chinese electric vehicles is intense, rapidly expanding their share in the South Korean market thanks to their price advantages. This year, leading Chinese EV brands such as BYD, Zeekr, and XPeng have all entered the South Korean market, targeting South Korean consumers.

"Who would buy a Chinese brand?" When news emerged early last year that BYD was entering the South Korean market, this sentiment was widely expressed across major online communities and portals in South Korea. Although BYD has conquered global markets with its affordable electric vehicles, many believed it would struggle to gain traction in South Korea.

In the South Korean market, Hyundai and Kia dominate, and there remains a strong bias against "Made in China" products.

But when all the dust settled, the unexpected happened. BYD quickly secured a foothold in the South Korean market, showing remarkable growth momentum. Data confirms this trend: despite being BYD’s first year in South Korea, its sales reached 6,107 units last year—rapidly entering the top ten in imported vehicle sales. Its growth rate far surpassed that of Tesla during its initial entry phase into the South Korean market.

BYD’s rapid rise can be largely attributed to its exceptional value for money. This is evident in its best-selling model—the compact SUV ATTO 3. The base version is priced at 31.5 million KRW, while the Plus version is priced at 33.3 million KRW. After subsidies, the actual purchase price falls below 30 million KRW.

Although the launch price is higher than in China, BYD remains highly competitive compared to similar models in the South Korean market. The key to BYD’s success lies in its self-developed battery supply chain, which enables sustained cost advantages.

Experts believe BYD’s rise is rapidly erasing South Koreans’ biases toward Chinese electric vehicles. Professor Kim Pil-soo from the Department of Future Automotive Engineering at Daewon University pointed to BYD’s ATTO 3, saying, “It’s hard to find another electric vehicle in this segment offering such outstanding value—it’s nearly unbeatable in its class.” He also predicted that the wave of Chinese electric vehicles will continue in the short term.

Besides, driven by BYD’s successful market entry, more Chinese EV brands are expected to enter the South Korean market. Some even speculate that Chinese electric vehicles could one day dominate South Korea’s roads.

The continuous influx of Chinese electric vehicle brands is expected to intensify price competition within South Korea’s domestic EV market. Indeed, it’s not just Hyundai and Kia—recently, even imported brands have lowered their EV prices, leading analysts to suspect this move is directly aimed at competing with Chinese brands.

Original source: toutiao.com/article/1860869099192330/

Disclaimer: The views expressed in this article are solely those of the author.