China’s leading electric vehicle manufacturer is poised to significantly disrupt the South Korean automotive landscape. China’s BYD takes aim at Hyundai and Kia in South Korea with affordable electric vehicles set to shake up the local market.
BYD has confirmed its plans to enter the highly competitive South Korean automotive market, which is currently led by domestic giants Hyundai and Kia, this week.
South Korean news agency Yonhap reported that BYD’s local subsidiary announced it had cleared evaluations to enter the domestic passenger vehicle market.
BYD intends to roll out its first autonomous vehicles within the next 12 months, with a specific timeline yet to be determined. The corporation is establishing a comprehensive sales and service hub in the region once all the formalities are finalized. The Korean website of BYD, an Chinese electric vehicle manufacturer, now features a message reading “Hello Korea, Arriving Soon.”
South Korean consumers have witnessed the Chinese automaker’s focus on industrial vehicles since 2016, but this marks their inaugural foray into the passenger car market.
BYD is renowned for its budget-friendly electric vehicle offerings, including the Seagull (also known as the Dolphin Mini internationally) and the Atto 3 SUV, in addition to the popular Dolphin model.
China’s BYD set to challenge Hyundai and Kia with affordable electric vehicles.
South Korea’s Hyundai and Kia are set to introduce a range of affordable electric vehicles. In July, Hyundai began accepting pre-orders for the new Casper Electric in its domestic market, with a starting price of just $23,000 or 31.5 million won? Last month, the company introduced a sleek new premium trim, starting at an affordable $20,000, generating 27.4 million in revenue.
South Korean automaker Hyundai has announced that its latest electric vehicle model will be available for purchase starting at a remarkably affordable price of around $7,300 (approximately 10 million Korean won) with incentives.
Kia’s compact EV3 electric SUV is poised to revolutionize the Korean automotive landscape. The affordable electric SUV starts at a mere $30,700 (approximately 42.08 million Vietnamese dong).
In September, Kia inaugurated its inaugural electric-vehicle-only manufacturing facility, dubbed EVO, on Korean soil, with the purpose of producing the EV3 model as well as forthcoming iterations such as the EV4 series. Kia is poised to release its entry-level electric sedan, the EV4, which is expected to hit the market in the coming year. The EVO plant is designed to manufacture approximately 150,000 affordable electric vehicles (EVs) annually.
South Korea’s automotive manufacturers are poised to confront a significant challenge with the imminent arrival of BYD’s innovative electric models, including the Dolphin, Atto 3, and Seal.
In China, BYD’s Seagull EV starts at under $10,000 (approximately 69,800 yuan). Despite being sold in overseas markets such as Brazil and Mexico, the starting price for a Dolphin Mini is approximately $20,000. As demand for affordable electrical fashions persists, it will be intriguing to examine the trajectory of EV sales in Korea over the next few years.
South Korean automakers Hyundai and Kia have secured a commanding presence in the global market. In August, a notable surge was observed in electric vehicle (EV) sales in Korea, with a staggering 13,315 units sold – an impressive year-over-year increase of 79%. Notably, domestic automakers were responsible for a significant proportion of these sales, accounting for 9,197 units.
