China's BYD enters S.Korean EV market

China’s electric vehicle (EV) giant BYD Co. officially debuts in the South Korean passenger car market on January 16. 

BYD's first-selling model in South Korea is an electric compact sport utility vehicle (SUV) Atto 3. The South Korean government certification process for BYD's Seal, Dolphin, and Sealion 7 is underway. 

Starting with BYD, Chinese EV companies such as Zeely Group's premium EV brand Zeeker, Xiaomi, and Xiaofeng are reportedly rushing to enter South Korea.

BYD sold 2223 EVs in Japan last year, up 54% year over year. It ranked fourth in the country, ahead of Toyota (2038). 

Including the performance in Japan, BYD exported 405,786 vehicles last year, up 67.2% year over year.

According to the China Passenger Car Association (CPCA), China exported 4.74 million cars last year, up 23.3% from the previous year. 

Cherry, SAIC Motor's MG, and BYD ranked first through third by brand. Yueda Kia, the joint venture between Kia Corp. and Jiangxu Yueda Group exported 170,33 units, a 103.5% surge over the same period. 

China is expected to remain the world's top auto exporter this year for the second consecutive year.

Write to Jung-Eun Shin at newyearis@hankyung.com