BYD targets Korean market with premium cars

[Courtesy of BYD]

BYD’s strategy for the South Korean market is “premium”, according to Cho In-chul, head of the Chinese car manufacturer’s passenger car division in the country.

BYD Co., the Chinese company that has surpassed Tesla Inc. to claim the top spot in the global electric vehicle market, is set to officially launch its passenger cars in Korea. It began as a secondary battery manufacturer and expanded into the complete vehicle sector in 2009.

The company has been increasing its market share not only in China but also in the global market by launching competitively priced EVs, such as those in the 10 million won ($7,259) range, with its advantage of directly supplying batteries, which account for 40 percent of the cost of an EV.

In a recent interview with Maeil Business Newspaper, Cho emphasized that his company’s top priority strategy in marketing in Korea is ‘premium.’

“The perception in Korea that Chinese cars are cheap and low-quality still remains, but the quality and performance of Chinese cars are already at the top of the global level,” he said.

“We are preparing to launch the ‘Ocean’ series, which is part of our affordable lineup, but it will be a limited trial sale.”

The Ocean series, which includes models like ‘Seal’ and ‘Dolphin’ that have already been trademarked in Korea, are priced in the 10 million won range based on Chinese market prices.

Cho plans to introduce the more expensive ‘Dynasty’ series in Korea with different model names after evaluating the sales performance of the Ocean series.

The Dynasty series’ names are based on Chinese dynasties, such as ‘Han,’ ‘Tang,’ and ‘Song,’ and are priced at around 300,000 yuan ($41,272) in China. BYD also completed trademark registration for its premium sub-brand ‘Denza’ in Korea in May 2024.

Another significant move BYD is preparing for the Korean market is the introduction of hybrid vehicles. The company was a strong player in the plug-in hybrid vehicle (PHEV) sector before the transition to electrification.

It unveiled the ‘Qin L,’ equipped with its fifth-generation PHEV system, in Xi’an, Shaanxi Province on June 28th, 2024, which BYD Chairman Wang Chuanfu said could travel over 2,000 kilometers without needing to recharge or refuel.