BYD and Chinese EV peers eye South Korea as export market
Chinese
electric vehicle (EV) makers led by
BYD have set their sights on South Korea to chase fresh growth and enhance profitability amid a cutthroat domestic market, setting up a clash with dominant native brands Hyundai and Kia.
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A successful foray into the market, where
Tesla recorded robust growth last year, could burnish the global image of Chinese-made EVs despite an expected export slowdown this year, analysts said.
'South Korea is a developed auto market that abounds with international marques and established home-grown brands like Hyundai,' said Steve Shi, a manager with Juchen Auto Trade, an auto service firm. 'It is an ideal testing ground for Chinese-made EVs if they want to prove their design and manufacturing strength.'
Shenzhen-based BYD, the world's largest EV assembler, plans to double the number of its showrooms in Korea to 30 by the end of 2025.
Its domestic rivals such as Zeekr, a premium EV unit of mainland China's second-largest carmaker
Geely Auto , and Deepal, an EV subsidiary of
Changan Automobile , have also begun building sales networks in the country, where Hyundai and Kia hold the lion's share of the market.
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Last month, BYD launched its Seal, a mid-size electric sedan, in South Korea with a starting price of 47.5 million won (US$33,900). The car, featuring ultra-fast charging technology, has a driving range of 650km.
It takes on the likes of Kia's EV4 sedan, which has a driving range of 410km and starts at 41.9 million won.
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