The Chinese electric vehicle giant BYD has officially entered the South Korean market, aiming to compete with dominant local and international brands in the country.
As the first Chinese automaker attempting to vie in the South Korean market, the company has set up exhibitions to showcase its cutting-edge EV models, and hosted press conferences, where it has committed to focus on innovation, affordability, and customer satisfaction.
Long before its recent attempt at a full market entry, BYD has been cooperating with local companies to provide electric buses, forklifts, and other vehicle types.
"We are proud to be back in the South Korean market. We introduced our all-electric buses to the market in April 2018. So far these buses have been in service for nearly seven winters, accumulating over 500,000 kilometers in single-vehicle mileage, with a total fleet mileage exceeding 120 million kilometers. We believe our products have been well-tested in South Korea, and we welcome consumers to choose and use our products," said David Ding, General Manager of BYD Korea.
BYD is now gaining attention among South Korean consumers for its affordable prices, but many remain cautious of the newcomer.
"I think the price is quite competitive. But when it actually enters the market, I'm particularly interested in how it compares to Tesla, especially in terms of autonomous driving, since I currently drive a Tesla," said Ji Eun-Gil, a local auto enthusiast.
According to Ji, to compete with the dominant local and foreign brands in South Korea like Hyundai, Kia, and Tesla, it is not enough for BYD to provide quality vehicles - it must also establish connectivity services and other ancillary facilities.
"It is not just about product satisfaction, but rather about how many connectivity services can be built around the product within South Korea. That is the real challenge for them. If any of these factors are overlooked, the brand may gain some initial attention in the country, but probably would not sustain significant consumer interest," said Kwon Yong-Joo, a professor from the Department of Automotive and Transportation Design of Kookmin University.
As BYD takes its first steps in the South Korean automobile market, more global automakers are eyeing the country's growing EV market, where pricing, vehicle quality and customer satisfaction will help determine the winners.
BYD faces challenges as it attempts to enter South Korea market
