BYD’s Atto 3 overtakes Tesla’s Model Y as best-selling EV in South Korea

China’s BYD Co. has dethroned Tesla Inc. in South Korea, with its compact sport utility vehicle, the BYD Atto 3, becoming the best-selling imported electric vehicle last month – a symbolic breakthrough for the world’s largest EV maker as it pushes deeper into global markets.

According to the Korea Automobile Importers & Distributors Association (KAIDA) on Thursday, BYD sold 543 units of the Atto 3 in April, surpassing Tesla’s long-dominant Model Y Long Range, which sold 533 units, and Model 3 Long Range’s 350 vehicle sales.

The milestone marks the first time a Chinese brand has topped Korea’s imported EV sales chart.

The Atto 3, a small electric SUV built on BYD’s in-house e-platform and powered by the company’s proprietary lithium iron phosphate (LFP) battery, officially launched in Korea earlier this year.

Despite a delayed delivery schedule due to subsidy certification bottlenecks, BYD began handing over vehicles to customers in mid-April, triggering a surge in monthly registrations.

The Atto 3 instantly became a hit with over 1,000 pre-order units within a week of its Korean launch.

DISRUPTIVE PRICING

The vehicle’s sharp price advantage is disruptive.

With a base price of 31.5 million won ($22,353) and eligible for up to 1.57 million won in government and municipal subsidies, the Atto 3 can be purchased in Seoul for 29.93 million won.

That makes it nearly 20 million won cheaper than the Tesla Model Y – a gap that industry officials say is hard for consumers to ignore.

“The strong April numbers reflect both pent-up deliveries and the temporary slowdown in Tesla sales ahead of its refreshed Model Y Juniper release,” said an executive at a foreign car brand, noting that buyers have been holding off for updated models.

Out of 3,712 imported EVs sold in Korea last month, the Atto 3 captured a commanding 14.6% share.

BYD, backed by Warren Buffett’s Berkshire Hathaway Inc., ranked 11th among all imported car brands in terms of total units sold – a strong showing for a company that began operating in the Korean market in January.

BYD’S SEAL, DOLPHIN ALSO SET TO ENTER KOREA

The Atto 3 offers a range of 321 km (199 miles) on a single charge under Korean standards, sufficient for urban and suburban commuting.

BYD has also registered the trademarks of its two other EV sedans – the midsize Seal and the hatchback Dolphin – with Korean authorities, indicating that the company also plans to take them to the Korean market.

The BYD Seal runs up to 569 km per charge, longer than the Tesla Model 3’s 511 km.

The Shenzhen-based Chinese EV maker is said to launch the Seal in Korea later this year.

The unexpected success of BYD’s budget SUV in Korea signals an intensifying competitive shift in the global EV market, where cost-conscious consumers are beginning to challenge the dominance of Western brands.

Already an EV giant in China, BYD rose to the top last year, overtaking Tesla as the world’s No. 1 EV maker.

BYD is also the world’s second-largest battery maker after top player Contemporary Amperex Technology Co. Ltd., better known as CATL.

Write to Bo-Hyung Kim at kph21c@hankyung.com
In-Soo Nam edited this article.