“There’s nothing to do with price”… World’s No. 1 Chinese electric car is said to be coming to Korea [이슈+]

But 3. Source = BYD BYD has officially entered the Korean market. BYD Korea, which has only released commercial vehicles in Korea so far, plans to release electric passenger vehicles early next year, which is expected to create tension in the industry.

BYD Korea announced on the 13th, “We have been reviewing the feasibility of a domestic passenger car brand business from various angles and are preparing for the official launch.” Currently, we are building a regional network for original passenger car sales and service, and preparing for the launch of the brand, including staff recruitment, vehicle certification, marketing plans, and staff training.

BYD Korea entered the domestic market in 2016, focusing on commercial vehicle businesses such as electric forklifts, electric buses, and electric trucks, and has been providing electric vehicles, parts and services. BYD is a Chinese company that focuses on electric vehicles and batteries. Its main business is developing in the world market in four areas: electric vehicles, light rail, renewable energy and electronics.

Jo In-cheol, CEO of BYD Korea Passenger Car Business Division, said, “We have been conducting an in-depth review with operators and employees with diverse experience and partners to meet the expectations of domestic consumers . We are a brand that provides Korean consumers trust their global success experience and outstanding technology “I will prepare diligently to become one,” he said.

Photo = AFP With BYD’s entry into Korea, competition in the domestic electric vehicle market is expected to intensify. This is because Chinese brands are expected to launch low-cost electric vehicles first, reinforcing price competitiveness.

In the industry, the electric sports utility vehicle (SUV) Ato3 is expected to be the passenger vehicle that BYD Korea will introduce early next year. In addition, the medium-sized electric sedan Seal and small electric hatchback Dolphin are also mentioned as launch models. It is known that Ato3, Seal, and Dolphin are currently receiving certification from the Ministry of the Environment. Once this procedure is complete, it is expected that subsidies and domestic prices will be ended.

Among them, BYD Ato3 is expected to release as a volume model in Korea. It is expected to target the compact, entry-level SUV market, which is currently popular in Korea. When Ato3 enters the domestic market, it is expected to compete with Kia EV3. Ato 3 is sold locally for 20 to 30 million won.

However, some analysts say the impact of BYD’s entry into Korea will be limited as consumer confidence in Chinese electric vehicles is not high and the leading brand has a strong domestic presence. already there.

An industry official said, “It is not clear whether Chinese brands will be popular in Korea in terms of consumer shoes, but we have to look at the situation because they are much more competitive in price.”

Choi Soo-jin, Hankyung.com reporter [email protected]