Chinese automaker BYD Auto officially entered the South Korean market this week, with the launch of its keenly-priced Atto 3 battery-powered compact SUV. The company’s local sales subsidiary, BYD Korea, held a media event in the city of Incheon where it began taking preorders for the model, with deliveries scheduled to start by mid-February.
The standard model of the Atto 3 is priced locally at KRW31m (US$21,300), while the top spec Atto 3 Plus model retails at KRW33m. The South Korean government has yet to assess whether the Atto 3 qualifies for subsidies under new rules that came into effect at the beginning of the year.
Local reports suggested that under the government’s battery electric vehicle (BEV) incentive programme, the Atto 3 will likely qualify for lower government subsidies compared with many domestically-made BEVs because of the lower recycling rate of its lithium-iron-phosphate (LFP) batteries.
BYD claims to have sold more than 1 million units of its Atto 3 model in 72 countries worldwide since it was first launched in 2022. BYD Korea’s CEO Cho In-cheol said in the event: "The Atto 3 is a proven global bestseller, and we are thrilled to bring it to South Korea. We have set a price that will allow many South Korean consumers to experience BYD electric vehicles.”
BYD Korea said it plans to expand its South Korean BEV lineup with the launch of the larger Sealion SUV and the Seal sedan later this year.
