China’s main new vitality automobile (NEV) producer BYD Auto introduced it has accomplished its market entry research in South Korea and goals to launch gross sales within the nation in early 2024.
Its native subsidiary, BYD Korea, confirmed it has “accomplished the assessment” and is able to launch passenger vehicles within the native market. The corporate mentioned it’s at the moment engaged on establishing a gross sales and repair community within the nation, recruiting and coaching workers and acquiring the required automobile certifications from authorities departments.
Cho In-chul, in command of BYD Korea’s passenger automobile division, mentioned in a press release: “To fulfill the excessive expectations of Korean shoppers, we carried out in-depth evaluations with skilled staff and companions. We’re meticulously making ready to ascertain a model that may earn the belief of South Korean prospects by leveraging our world success and cutting-edge applied sciences.”
BYD already has a presence in South Korea’s business automobile market, together with the truck and bus segments. Its entry into the nation’s passenger automobile market is predicted to considerably improve competitors for different importers and home producers.
South Korea is one in every of Asia’s largest markets for imported autos, with gross sales estimated at near 280,000 items final yr, whereas gross sales by home producers amounted to 1.458 million items.
BYD reported a 36% improve in world gross sales to three,250,532 items within the first ten months of 2024, together with an 89% leap in abroad gross sales to 329,073 items.
“BYD to enter South Korea in early 2025” was initially created and revealed by Simply Auto, a GlobalData owned model.
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