BYD Korea said it has completed the selection of six dealer partners before launching its domestic operations in South Korea in January.
BYD Korea, the South Korean subsidiary of BYD (HKG: 1211, OTCMKTS: BYDDY), said on Tuesday that it has completed the selection of six dealer partners ahead of the launch of its domestic operations in South Korea in January next year, according to a report by South Korea's Maeil Business Newspaper.
The six dealers are DT Networks, Samchully EV, Harmony Automobile, Vision Mobility, GNB Mobility, and SS Motors, which will be responsible for the sales of BYD passenger cars and customer service in South Korea.
BYD is sticking to the dealer system in 99 countries and regions it has entered globally, the report noted.
BYD Korea is preparing for the official launch of the BYD brand in South Korea next January after reviewing the business feasibility of passenger car brands in the country, the report said.
Last month, BYD Korea said it had completed review to release passenger car brands in the domestic market and formally confirmed that it would enter the Korean market, which was expected to happen early next year.
The company was working on establishing a regional passenger car sales and service network, recruiting employees, obtaining vehicle certification, and finalizing marketing plans and employee training, BYD Korea said at the time.
BYD first entered the South Korean market in 2016, selling commercial vehicles such as forklifts, buses and trucks.
Korea Economic Daily reported on August 21, 2023, that BYD and South Korean automotive company KG Mobility, formerly known as Ssangyong Motor Co, 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 to be set up by a foreign battery producer and a local automaker, the report noted.
However, BYD has not released any official information about the South Korean cell plant so far.
In Asia, both South Korea and Japan have strong automotive industries, as well as local auto giants.
BYD announced its entry into Japan's passenger car market on July 21, 2022, and began selling passenger vehicles in the country on January 31, 2023.
The Chinese new energy vehicle (NEV) maker sold 1,084 vehicles in Japan in the first half of 2024, an 88 percent year-on-year increase, Nikkei Chinese website said in a July 12 report, citing data from the Japan Automobile Importers Association (JAIA).
BYD's largest production base has made over 1 million cars this year
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