BYD has made a strong debut in South Korea’s electric vehicle (EV) market, with its Atto 3 compact SUV securing over 1,000 preorders in just one week. The Chinese automaker officially entered the South Korean market on January 16, with the Atto 3 priced at approximately 31.5 million won ($21,600).
The vehicle is offered in two trims: Standard and Plus, with the latter priced at 33 million won ($23,000), featuring upgrades such as a Dirac HD 8-speaker sound system, ventilated seats, and an electric tailgate.
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The Atto 3 is equipped with a 60.48 kWh BYD Blade battery, offering a driving range of 321 km (200 miles). Reports suggest that the Plus trim is especially popular, making up about 90% of the preorders. The vehicle has been well-received in the local market, with Korean car reviewers showing significant interest.
BYD plans to expand its presence in South Korea by launching additional models later this year, including the Seal, a sedan similar to the Tesla Model 3, and the Sealion 7, a larger SUV. The company has already opened 15 showrooms and 11 service centers in key locations like Seoul and Jeju Island.
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The Atto 3’s pricing is competitive with models like the Hyundai Casper Electric and Kia EV3, which are priced similarly. However, the Atto 3’s use of an LFP battery may limit its eligibility for government subsidies compared to Hyundai and Kia’s vehicles.
Despite this, BYD’s rapid sales growth in other markets, including surpassing Toyota’s EV sales in Japan in 2024, positions it as a strong contender in South Korea’s EV market. In response, Hyundai and Kia are preparing to launch additional mass-market EVs in 2025 to maintain their competitive edge.
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Source: Fast Technology