- BYD will increase its sales network in South Korea from 15 to 30 by the end of this year.
- BYD introduced its Seal midsize sedan at a South Korean auto show.
BYD (HKG: 1211, OTCMKTS: BYDDY) plans to up its bet on the South Korean market after officially entering the market, which is dominated by local brands including Hyundai, earlier this year.
“We will increase our sales network to 30 by end of this year from 15 to meet demand from Korean consumers,” Liu Xueliang, the general manager of BYD’s Asia Pacific auto sales division, said at the Seoul Mobility Show in Ilsan city on Thursday, according to a Bloomberg report today.
At Thursday’s show, BYD introduced its Seal mid-size sedan, which starts at 47.5 million won ($32,580), excluding subsidies.
BYD’s booth at the Seoul Mobility Show was one of the largest and showiest, Bloomberg’s report noted.
BYD also showcased a range of other models to consumers and media, with six models on display.
Separately, according to a report today in South Korea’s The Chosun Daily, BYD is also aiming to increase its service centers in the country to 25 by the end of the year, up from 12.
The company is expected to officially launch the Atto 3 in South Korea this month, priced at around 30 million won, according to The Chosun Daily.
Following the Atto 3, BYD plans to launch the Seal and midsize SUV (sport utility vehicle) Sealion 7 later this year, according to the report.
In its first year in South Korea, BYD is focusing on laying the groundwork rather than setting sales targets, The Chosun Daily quoted Cho In-chul, managing director of BYD Korea’s passenger car business, as saying.
BYD officially announced its entry into the South Korean passenger car market on January 16, introducing the Atto 3 electric SUV and starting to accept reservations.
Deliveries of the Atto 3 in South Korea were expected to begin in mid-February, the company said at the time. But that appears to have been delayed.
The South Korean government’s subsidies for the Atto 3, finalized only on April 2, delayed its initial launch from mid-February, according to The Chosun Daily.
(1 $= 1,457.91 KRW).
BYD’s car sales target for 2025 is 5.5 million units, including more than 800,000 in overseas markets, according to local media.
