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BYD will enter the South Korean car market, Hyundai and Kia sounded the alarm

world’s largestElectric CarManufacturer China’s BYD is about to enterSouth KoreaThe market is creating concern among local players like Hyundai and Kia.

BYD will meet officials from South Korea’s Environment Ministry and Ministry of Industry, Trade and Energy in March to obtain a license to sell electric vehicles in South Korea, the Korea Economic Daily said, citing people familiar with the matter. If foreign carmakers want to sell electric vehicles in South Korea, they must obtain environmental and safety permits for driving range, energy efficiency and battery safety, and undergo a feasibility assessment of national electric vehicle subsidies. The entire process takes about two to three months. ,

People familiar with the matter said that if all goes well, BYD may sell electric vehicles in South Korea in the first half of the year. The first vehicle planned to be sold is the Atto 3 small SUV. BYD has also registered trademarks in South Korea for two electric vehicles, including the mid-size Seal and the electric hatchback Dolphin, hinting that it also plans to launch them in South Korea.

South Korean industry officials believe that if BYD Atto 3 is launched in South Korea, it will compete with Hyundai IONIQ 5, Kia Niro EV and EV6 and other models.

Atto 3 can travel 420 kilometers on a single charge. This is BYD’s best-selling model in the world. Last year, it sold more than 100,000 units outside China, accounting for about 40% of its global electric vehicle sales.Australiaand Japan for approximately 44 million won ($33,008). The Seal can travel up to 569 kilometers on a single charge, which is more than the Tesla Model 3’s 511 kilometers.

BYD is competitive because it can produce 75% of its own electric vehicle parts, including batteries, vehicle chips and driving software. Analysts say BYD costs 30% less to make electric vehicles than its competitors.

Finance(TagstoTranslate)Electric Vehicles(T)South Korea(T)Australia

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