BYD Auto, China’s leading new energy vehicle (NEV) manufacturer, announced that it has completed its market penetration study in South Korea and aims to start sales in the country in early 2024.

Its local subsidiary BYD Korea confirmed that it has “completed the review” and is ready to launch its passenger vehicles in the local market. The company is currently working on establishing a sales and service network in the country, recruiting and training staff, and obtaining the necessary vehicle certificates from Government departments.

Cho In-chul, responsible for BYD Korea’s passenger vehicle division, said in his statement: “We conducted in-depth evaluations with experienced employees and partners to meet the high expectations of Korean consumers. “We are meticulously preparing to create a brand that can gain the trust of South Korean customers by using our global success and advanced technologies.”

BYD already has a presence in South Korea’s commercial vehicle market, including the truck and bus segments. The country’s entry into the passenger vehicle market is expected to significantly increase competition for other importers and domestic manufacturers.

South Korea is one of Asia’s largest markets for imported vehicles, with sales of close to 280,000 units estimated last year, while domestic manufacturers’ sales reached 1.458 million units.

BYD achieved a 36% increase in global sales to 3,250,532 units in the first ten months of 2024; This included an 89% increase in international sales to 329,073 units.

The post “BYD will enter South Korea in early 2025” was originally created and published by: Automatic OnlyIt is a brand owned by GlobalData.

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