Here is good news for the EV owners, BYD has confirmed that the brand will officially launch some of its most popular EVs in another overseas market in just a few weeks. Now The Chinese EV giant is now looking to break into South Korea, a market dominated by automakers like Hyundai.
This new step of the brand comes after another successful record sales in the month of November with over 500,000 vehicles sales.
BYD is China’s largest automaker and is already a leading EV brand in many overseas regions, such as Southeast Asia and Central and South America. The automaker als expects sales to quickly accelerate in places like Europe with EVs tailored to customer preferences, like its new Sealion 07 mid-size electric SUV.
BYD has confirmed its plans to challenge Hyundai in its home market. On January 16, 2025, the company will officially launch several of its most popular EVs in South Korea, including the Dolphin, Atto 3, and Seal.
As per Chinese media outlet Yiche, BYD aims to sell 10,000 vehicles in South Korea next year. It will open 15 showrooms in high-traffic locations such as Seoul, Busan and others.
Despite recent rumors, BYD has denied plans to enter the Korean rental car market. The company will instead focus on expanding its passenger car business in South Korea.
It will not be an easy race for BYD as the brand will face stiff competition from Hyundai and Kia. Both the automakers are launching low-cost EVs of their own. In Korea, Hyundai’s Casper Electric starts at around $20,000 (27.4 million won). With incentives, it can be bought for as little as $7,300 (10 million won). Meanwhile, Kia’s electric EV3 SUV starts at around $30,000 (42.08 million won).
Can BYD compete with Hyundai and Kia? BYD’s electric vehicles are among the most affordable in both China and abroad. Its most budget-friendly option, the Seagull EV (Dolphin Mini overseas), starts at under $10,000 in China.
However, when exported to markets like Brazil and Mexico, the Seagull (Dolphin Mini) is priced at around $20,000—double its cost in China. The same pricing trend applies to BYD’s Atto 3 electric SUV, which starts at under $20,000 in China but is priced around $43,000 in markets like Germany.
