BYD Korea "Business Feasibility Review Completed"
Global No.1 in Eco-Friendly Vehicles... Potential for Electric SUV and Sedan
China's largest electric vehicle company BYD will launch passenger cars in South Korea next year. While Chinese companies have so far introduced only commercial vehicles such as buses and trucks domestically, BYD is the first to directly enter the passenger car market. Leveraging price competitiveness, BYD has been actively expanding sales not only in China but also worldwide, and South Korea has now come within reach.
BYD Korea announced on the 13th, "We have conducted multifaceted reviews of the feasibility of a domestic passenger car brand over the past several months," adding, "We aim to officially launch the BYD passenger car brand in early 2025." Previously, BYD Korea has been importing and selling commercial vehicles domestically. Although there had been ongoing industry talks about launching passenger cars over the past one to two years, this is the first official announcement.
The company stated that it is preparing for regional network establishment and personnel recruitment for initial passenger car sales and services, vehicle certification, marketing plans, and employee training. It is known that Chinese automotive distributor Harmony Group and domestic companies such as Deutsch Auto, which handles BMW and Mini, are in discussions as potential dealers.
BYD focuses on eco-friendly vehicles such as electric and hybrid cars, as well as its battery business. It also operates in light rail, renewable energy, and electronics sectors. BYD entered the Korean market in 2016 and currently sells electric forklifts, buses, and trucks. GS Global and others collaborate as dealers. The specific passenger car model for the domestic launch has not yet been decided. Industry insiders believe the compact SUV Atto and the mid-size sedan Seal are the most likely candidates, as these models were also key in BYD’s initial entries into other countries. It is reported that government certification for driving range and other standards is currently underway.
With rapidly increasing sales in China over recent years, BYD has established itself as a major automaker. According to data from the China Passenger Car Association, as of last month, BYD holds an overwhelming 36.1% market share in China’s new energy vehicle (electric and plug-in hybrid) market. Competitors such as Geely, Shanghai GM, Changan, and Tesla all have single-digit market shares. Last year, BYD’s global sales reached 3.02 million units, placing it among the top 10 global automakers for the first time, surpassing traditional manufacturers like Mercedes-Benz and BMW.
This year, BYD has already exceeded last year’s total sales with 3.25 million units sold through last month. In the previous month alone, it sold 502,657 vehicles worldwide, surpassing 500,000 units in a single month for the first time. BYD has rapidly expanded its sales network globally, including early entry into Southeast Asian markets such as Thailand and Vietnam, as well as Latin America and Europe. It has also entered Japan, a market traditionally conservative toward foreign brands.
While emphasizing price competitiveness, BYD is also actively expanding its presence by launching a separate high-end brand featuring advanced technologies. The company has increased its market share by widely supplying batteries not only for its own electric vehicles but also to external automakers. It ranks as the world’s second-largest automotive battery supplier after China’s CATL.
Jo In-cheol, head of BYD Korea’s passenger car division, said, "To meet the high expectations of domestic consumers, we have conducted in-depth reviews with employees and partners who have diverse experiences. Along with our successful experiences overseas and outstanding technological capabilities, we are steadily preparing to become a trusted brand for Korean consumers."
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