BYD Co., Ltd. (OTC:BYDDY), the Chinese electric vehicle (EV) giant, is reportedly set to expand its footprint in South Korea's passenger car market next year, following its successful entry into the local commercial vehicle sector years ago.
The company's South Korean subsidiary, BYD Korea, has completed its preparations to launch passenger car models in the domestic market, with an expected rollout scheduled for early 2025, reported CnEV Post.
Per a report by Teslarati, BYD joined the South Korean market in 2016 with commercial vehicles like buses, forklifts, and trucks. The BYD Seal model is reportedly set to rival the Tesla Model 3 and Hyundai IONIQ 6 in South Korea, two dominant players in the market.
This move comes as BYD continues to make waves in the global automotive industry.
Despite not manufacturing traditional combustion engine vehicles, the company has been rapidly closing in on Ford Motor's global sales, with its EV-focused model gaining significant market share.
Also Read: Chinese EV Maker BYD Edges Closer To Ford's Sales Volume After Beating Tesla In Revenue Race
As of October 2024, BYD has sold over 3.25 million vehicles, marking a 36% year-on-year increase. In October alone, the company surpassed half a million units sold, showing impressive growth from the same period in 2023.
If this growth trajectory continues through the end of the year, BYD's 2024 sales could exceed 4 million vehicles, positioning the company to potentially surpass Ford, which sold 4.4 million vehicles globally in 2023.
Turning to its South Korean expansion, BYD Korea is actively building a regional network for passenger vehicle sales and services, CnEV Post added.
The company is currently focused on recruiting staff, obtaining necessary vehicle certifications, and finalizing marketing and employee training plans. BYD's entry into the South Korean consumer EV market is expected to increase competition in the country's growing low-cost EV segment, where domestic players Hyundai Motor and Kia have already started rolling out more affordable electric models.
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