BYD Korea said it has "completed review to release passenger car brands in the domestic market" and expects to enter the South Korean market early next year.
BYD (HKG: 1211, OTCMKTS: BYDDY) plans to enter South Korea's passenger car market next year, after entering the local commercial vehicle market several years ago.
BYD Korea, BYD's South Korean sales subsidiary, said it has "completed review to release passenger car brands in the domestic market" and officially confirmed its entry with a target date, likely early next year, Yonhap news agency said in a report today, citing a press release.
The Chinese new energy vehicle (NEV) maker, which first entered the South Korean market in 2016, produces commercial vehicles such as forklifts, buses and trucks.
BYD Korea said it is currently working on establishing a regional passenger vehicle sales and service network, recruiting employees, obtaining vehicle certification, and finalizing marketing plans and employee training.
"To meet the high expectations of Korean consumers, we conducted in-depth evaluations with experienced employees and partners," said Cho In-chul, head of BYD Korea's passenger car division.
"We are meticulously preparing to establish a brand that can earn the trust of Korean customers by leveraging our global success and cutting-edge technology," Cho said.
BYD's planned entry into South Korea's consumer EV market is expected to intensify competition in the low-cost segment, where local industry leaders Hyundai and Kia have already begun to introduce more price-competitive EV models, the Yonhap report noted.
Korea Economic Daily reported on August 21, 2023, that BYD and South Korean automotive company KG Mobility, formerly known as Ssangyong Motor, were in talks to build a joint battery cell plant in South Korea.
BYD and KG Mobility planned to have the battery pack plant begin mass production in January 2025, which would be the first joint venture plant in South Korea between a foreign battery producer and a local automaker, the report noted.
The plant could be built near KG Mobility's Pyeongtaek plant, about 80 kilometers southwest of Seoul, Korea Economic Daily said at the time, citing sources.
However, BYD has not released official information about the battery plant.
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