China's top electric vehicle (EV) manufacturer, BYD, is targeting the Korean electric passenger vehicle market with its "value-for-money" models. This move is expected to increase the burden on the domestic automotive industry, which is already experiencing a downturn due to the EV "chasm" (temporary stagnation in demand) and "phobia" (fear) affecting the market.

BYD Korea held its brand launch event on the 16th at the SangSang Platform in Jung-gu, Incheon, where it revealed its business strategy and new car launch plans. BYD Korea plans to sell three models this year, starting with the small electric SUV, the Atto 3, priced in the low 30 million won range, followed by the electric sedan 'SEAL' and the 'Sealion 7'.

Liu Xueliang, the general manager responsible for BYD sales in the Asia-Pacific region, stated, "Since 2016, BYD has built a relationship with Korean consumers through electric buses, electric trucks, and electric forklifts over the past decade." He added, "Rather than focusing immediately on sales targets, we will prioritize expanding customer brand experiences."

BYD Korea's strategy is to raise product awareness in the Korean market through customer experiences and communication, rather than aggressively increasing sales volume. To achieve this, BYD Korea plans to sequentially open 15 showrooms and 11 service centers in major regions and cities across the country, from Seoul to Jeju, in collaboration with six official dealers, including DT Networks, Samchunri EV, and Harmony Automobiles.

Liu Xueliang, the general manager, stated, "We will focus on customer convenience and the healthy growth of our dealer partners as we expand our network strategy." He added, "Our goal is for BYD stores to become places that all influencers must visit at least once."

The Atto 3, which BYD Korea is debuting in South Korea, is a model that has sold over 1 million units worldwide, including China, since its launch in 2022. It uses BYD's LFP-based Blade battery, providing a driving range of 321 km on a single charge under combined conditions. The vehicle is equipped with convenience features such as a panoramic sunroof and V2L (Vehicle-to-Load) functionality.

To cater to the preferences and convenience of Korean customers, the Atto 3 has been equipped with Korea-specific features and services, including Tmap Mobility services and the domestic music platform FLO. The price for the basic model starts at 31.5 million won, while the higher-end model, Atto 3 Plus, is priced at 33.3 million won.

With government subsidies applied, the actual consumer purchase price of the Atto 3 is expected to be in the low 20 million won range. The domestic electric vehicles that will compete with the Atto 3 are likely to be Hyundai's Kona Electric and Kia's EV3. The Kona Electric starts at 41.42 million won for the standard model and 45.66 million won for the long-range version, while the Kia EV3 starts at 39.95 million won for the standard model and 44.15 million won for the long-range version. Even with government subsidies, both vehicles will remain in the 30 million won range, which puts them at a disadvantage in terms of price competitiveness against the Atto 3.

Jo In-cheol, CEO of the Passenger Vehicle Division at BYD Korea, stated, "Depending on the region, the Atto 3 will likely be available for purchase in the low 20 million won range with the subsidy applied." He added, "The exact subsidy amount will be confirmed at the time of customer delivery."

While BYD sold 4.27 million eco-friendly vehicles worldwide in 2022, maintaining its position as the global leader in eco-friendly vehicle sales for three consecutive years, overcoming the negative perception of Chinese-made electric vehicles among domestic consumers remains a challenge.

CEO Jo In-cheol stated, "BYD's Blade battery is the best in the world in terms of safety," and added, "Regarding user information protection, we have made efforts to ensure that personal data does not leak to China by using servers located in South Korea."

Meanwhile, to celebrate its brand launch, BYD Korea will offer a 500,000 won worth of electric vehicle charging credit to the first 1,000 customers who sign a contract. Additionally, from January 19 to February 2, BYD Korea will operate a two-week public exhibition at the SangSang Platform in Incheon. Visitors will have the opportunity to experience BYD electric vehicles and consult with dealers at dedicated consultation zones.

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