BYD and Chinese EV peers eye South Korea as export market

SCMP | May 9, 2025, 5:30 a.m. | Original

Visitors walk near electric-car manufacturer BYD’s booth at the Seoul Mobility Show 2025 in Goyang City, Gyeonggi province, South Korea, on April 8, 2025. Photo: Xinhua

Chinese electric vehicle (EV) makers led by BYD have set their sights on South Korea to chase fresh growth and enhance profitability amid a cutthroat domestic market, setting up a clash with dominant native brands Hyundai and Kia.
A successful foray into the market, where Tesla recorded robust growth last year, could burnish the global image of Chinese-made EVs despite an expected export slowdown this year, analysts said.

“South Korea is a developed auto market that abounds with international marques and established home-grown brands like Hyundai,” said Steve Shi, a manager with Juchen Auto Trade, an auto service firm. “It is an ideal testing ground for Chinese-made EVs if they want to prove their design and manufacturing strength.”

Shenzhen-based BYD, the world’s largest EV assembler, plans to double the number of its showrooms in Korea to 30 by the end of 2025.

Its domestic rivals such as Zeekr, a premium EV unit of mainland China’s second-largest carmaker Geely Auto , and Deepal, an EV subsidiary of Changan Automobile , have also begun building sales networks in the country, where Hyundai and Kia hold the lion’s share of the market.

Last month, BYD launched its Seal, a mid-size electric sedan, in South Korea with a starting price of 47.5 million won (US$33,900). The car, featuring ultra-fast charging technology, has a driving range of 650km.

It takes on the likes of Kia’s EV4 sedan, which has a driving range of 410km and starts at 41.9 million won. Hyundai’s popular Elantra, which is powered by an internal combustion engine, is priced at around 40 million won.

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