BYD Will Enter The South Korean Market Market, Hyundai And Kia's Dominance Is Tested
JAKARTA - Chinese car manufacturer BYD plans to enter the passenger car market in South Korea, after previously playing in the commercial vehicle segment since 2016.
Quoting from the CNevpost page, Thursday, November 14, based on a report from Yonhap, BYD has completed a review to release passenger car brands on the domestic market (South Korea).
"Officially confirming its entry with a target early next year," wrote Yonhap's report.
It said South Korean BYD is currently working on building a sales and service network, by recruiting employees, obtaining vehicle certification until it has completed marketing plans to training.
"To meet the high expectations of Korean consumers, we conducted an in-depth evaluation with experienced employees and partners," said Cho In-chul, Korea's Head of BYD.
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He further said BYD was carefully preparing to build a car brand that would later gain the trust of Korean customers, taking advantage of global success and cutting-edge technology.
The presence of BYD in South Korea is expected to increase competition in the car segment at affordable prices, which is currently still controlled by Hyundai and Kia.
However, it was not stated what BYD models would be brought to South Korea, but currently BYD has a variety of car models that are quite successful in overseas markets.
BYD is also rumored to be building a new battery cell factory in South Korea in collaboration with KG Mobility, formerly known as Ssangyong Motor.
The Chinese brand plans to start mass production of a battery factory by 2025, which will be South Korea's first joint venture between foreign battery manufacturers and local car manufacturers.