BYD finalising plans to launch passenger EVs in South Korea

BYD has started the regulatory work to launch its first electric cars in South Korea. The company is expected to conduct the launch in the second half of the year.

Earlier today, Chosun Biz published an exclusive report saying BYD has selected the dealers for selling its passenger EVs in South Korea. The company has picked Hanseong Motors, Doiche Motors, Seyoung Mobility, and Samchully Motors as its retail partners in the country. The selection indicates that BYD is considering South Korea’s electric car market seriously and trying to give customers a more premium experience than mainstream local EV brands like Hyundai and Kia.

Han Sung Motor, South Korea’s largest Mercedes-Benz dealer, will operate BYD dealerships in Gangnam and Gangdong districts in Seoul. Deutsche Motors, a leading BMW and MINI dealer listed on the KOSDAQ, will run those outlets in the Secho district in Seoul, as well as three locations in the Gyeonggi Province – the Bundang district in Seongnam, the capital city Suwon, and the Dongtan township.

Seyoung Mobility, a Porsche dealer, will deal in BYD passenger EVs in the Gangbuk district in Seoul, Uijeongbu (Gyeonggi Province), and Goyang (Gyeonggi Province), specifically in the Ilsan district. Samchully Motors is also a BMW dealer, and it will set up retail outlets for BYD electric cars in the Yangcheon district in Seoul, specifically in the Mokdong ward, as well as two cities in the Gyeonggi Province – Incheon and Anyang.

BYD has also appointed a Hong Kong-based BMW dealer, and this retail partner is expected to deal in its electric cars in the Gangseo district in Seoul and Gimpo (Gyeonggi Province). The company does intend to establish passenger EV dealerships in non-metropolitan areas in the future.

The report suggests that three BYD electric cars will be available in South Korea initially – BYD Dolphin, BYD Atto 3, and BYD Seal. The BYD Dolphin is a small hatchback, the BYD Atto 3 is a compact SUV, and the Seal is a mid-size sedan. The small hatchback may not face any direct competition in South Korea, while the compact SUV and the mid-size sedan could face heat from the Hyundai Kona Electric and Kia Niro EV and the Hyundai Ioniq 6 and Tesla Model 3, respectively.

Update 31 July 2024

In a new report, Chosun Biz says BYD plans to establish a retail network of 20 showrooms in South Korea this year and expand it to 70 outlets by 2026. A Chinese company that holds the rights to sell its cars in the country recently signed an agreement to lease a Jeep showroom in Gangseo. The current agreement to showcase Jeep models in this location ends today (31 July 2024).

Han Sung Motor will open a BYD showroom at the Dosan-daero intersection in Gangnam, as per the new report. Apart from Seoul, BYD’s retail network in South Korea this year will include Busan and Daegu (North Gyeongsang Province) as well.

biz.chosun.com (in Korean), biz.chosun.com (update in Korean)