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BYD Auto Co., Ltd., the automotive subsidiary of China’s BYD Company, which mainly manufactures passenger electric vehicles, revealed it is set to enter the South Korean EV market this year.
BYD said it is bringing its passenger electric car models to the country within the third quarter. As part of its preparations for the launch of its EVs in Korea, The Korea Economic Daily reported that it is set to hold meetings with the nation’s Ministry of Environment and the Ministry of Trade, Industry, and Energy in March.
Acquiring Permits from Regulators
Sources shared on Monday, Feb. 12, that the conference is for the company to get all the necessary permits to operate and release its vehicles. Moreover, BYD needs to secure environmental and safety certifications for its models so they can be marketed in South Korea.
The regulators will check everything from energy efficiency to battery safety and driving range. The brand must also undergo a comprehensive eligibility review for state EV subsidies. The entire process typically takes two to three months, which is why BYD has set the launch of its passenger EV for the latter half of the year.
The company plans to launch its EV business in the region by introducing its Atto 3 model, a compact sport utility vehicle. This is also the company’s best-seller, so it was the best pick.
Expected Rivalry With Hyundai and Kia
South Korea’s ET News reported that once BYD arrives in the country and introduces its electric passenger car models to the market in the second half of this year, competition with the local EV makers led by Hyundai Motor Company and Kia Motors is expected to erupt. The Chinese automaker will also have to compete with Elon Musk’s Tesla, which has a decent share of the Korean market.
Moreover, the said automobile companies may have to work harder as BYD recently became the No. 1 electric vehicle company in the world by selling more than three million units of EVs in 2023. It has sold more units in Europe and Asia than the other regions.
