China’s leading new energy vehicle (NEV) manufacturer BYD Auto has announced that 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 that it has “completed the assessment” and is ready to launch passenger cars in the local market. The company said it is currently working to establish a sales and service network in the country, recruit and train staff and obtain required vehicle certifications from government agencies.
Cho In-chul, responsible for BYD Korea’s passenger car division, said in a statement: “To meet the high expectations of Korean consumers, we have 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 the South Korean commercial vehicle market, including the truck and bus segments. The company’s entry into the country’s passenger car 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 nearly 280,000 units last year, while sales by domestic manufacturers reached 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% increase in overseas sales to 329,073 units.
“BYD to enter South Korea in early 2025” was originally created and published by Just Auto, a brand owned by GlobalData.
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