China’s leading new energy vehicle (NEV) manufacturer BYD Auto announced it has completed its market entry study in South Korea and aims to launch sales in the country in early 2024.
Its local subsidiary, BYD Korea, confirmed it has “completed the review” and is ready to release passenger cars in the local market. The company said it is currently working on establishing a sales and service network in the country, recruiting and training staff and obtaining the required vehicle certifications from government departments.
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Cho In-chul, in charge of BYD Korea’s passenger vehicle division, said in a statement: “To meet the high expectations of Korean consumers, we conducted in-depth evaluations with experienced employees and partners. We are meticulously preparing to establish a brand that can earn the trust of South Korean customers by leveraging our global success and cutting-edge technologies.”
BYD already has a presence in South Korea’s commercial vehicle market, including the truck and bus segments. Its entry into the country’s passenger vehicle market is expected to significantly increase competition for other importers and domestic manufacturers.
South Korea is one of Asia’s largest markets for imported vehicles, with sales estimated at close to 280,000 units last year, while sales by domestic manufacturers amounted to 1.458 million units.
BYD reported a 36% increase in global sales to 3,250,532 units in the first ten months of 2024, including an 89% jump in overseas sales to 329,073 units.
