- BYD will hold a brand launch in South Korea on January 16 to officially enter the country's passenger car market.
- The company first entered the South Korean market in 2016, producing commercial vehicles such as forklifts, buses and trucks.
BYD (HKG: 1211, OTCMKTS: BYDDY) will enter the South Korean passenger car market two days later, expanding its presence in Asia further after Japan.
The company announced today that it will hold a brand launch event in South Korea on January 16 to announce its official entry into the local passenger car market, following its entry into the Asian nation's commercial vehicle market several years ago.
BYD Korea's website is counting down the days to the Chinese new energy vehicle (NEV) giant's entry into the South Korean passenger car market.
The company first entered the South Korean market in 2016, producing commercial vehicles such as forklifts, buses and trucks.
In November 2024, BYD Korea said it had “completed review to release passenger car brands in the domestic market” and officially confirmed that it would enter the market, which would happen around the beginning of 2025.
In a report last month, South Korea's Maeil Business Newspaper said BYD Korea had finalized the selection of six dealer partners that will be responsible for selling BYD passenger cars and customer service in the country.
The six dealer partners are DT Networks, Samchully EV, Harmony Automobile, Vision Mobility, GNB Mobility, and SS Motors.
BYD adheres to a dealer system in 99 countries and territories it has entered globally, the report noted.
The entry into South Korea's passenger car market will mark BYD's foray into competition with local giants in yet another automotive powerhouse.
The company announced its entry into Japan's passenger car market on July 21, 2022, and began selling vehicles in the country on January 31, 2023, competing with Toyota, Honda, and Nissan in their home markets.
For the full year 2024, BYD sold 4,272,145 NEVs, up 41.26 percent year-on-year.
It sold 417,204 units overseas in 2024, up 71.86 percent year-on-year.
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