Next year could pose some difficulties for Tesla and Hyundai in South Korea, largely due to BYD's recent announcement about entering the local passenger vehicle market. BYD has been active in South Korea since 2016, but primarily in commercial vehicles like buses and forklifts. For those who aren’t aware of this brand and why it might concern Tesla or Hyundai, it’s important to note that the Chinese electric vehicle company has secured an order for at least 100,000 electric vehicles from Uber. Additionally, the upcoming 2025 refresh of the BYD Seal AWD is set to give Tesla’s similarly priced models a run for their money in terms of value.
New Market Entry
As reported by KED Global, BYD is set to launch in the South Korean passenger car market next year with premium models. The company aims to be the first Chinese car brand to win over Korean consumers, a feat that has eluded its Chinese competitors in the past due to their inability to meet the high standards of Korean drivers.
Lessons from the Past
Previous electric vehicle models that struggled in South Korea, like the BAIC Motor Corp. KENBO 600, faced significant safety and quality problems that hindered their acceptance in the market. However, the BYD Seal midsize sedan and the Atto 3 compact SUV come equipped with features that could help them avoid the same pitfalls.
The Seal offers over 500 km on a single charge and is projected to be priced below $30,000 in South Korea. In contrast, the Atto 3 boasts a range exceeding 400 km at a similar price point. If these models succeed, BYD is considering introducing additional high-end electric vehicles, including the luxury Denza brand and the HAN series, according to sources familiar with the company's plans, as reported by KED Global.
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