BYD Co. is planning to expand its sales network in South Korea, a market currently dominated by local automotive giants Hyundai Motor Co. and Kia Corp., as part of its strategy to boost deliveries beyond its home base in China.
“We aim to increase our sales network to 30 outlets by the end of this year from the current 15 to meet the growing demand from Korean consumers,” said Liu Xueliang, General Manager of BYD’s Asia Pacific auto sales division, at the Seoul Mobility Show held in Ilsan city on Thursday.
Read More – Hyundai to Launch the lowest-cost Electric Car in Japan
BYD’s presence in the South Korean market is relatively new. The company only introduced its passenger car brand in January, marking its entry with the launch of the Atto 3 electric sport utility vehicle. Although the Chinese automaker is known for its assertive marketing and competitive pricing, it faces stiff competition from established players. Hyundai and Kia, for instance, sold approximately 1.2 million vehicles in South Korea last year, capturing a dominant 75% market share.
