Chinese electric vehicle giant BYD officially announced plans to enter the Korean passenger car market on Wednesday.
BYD Korea (BYD Korea), a sales subsidiary of BYD in South Korea, said in a press release that it has “completed the review of launching a passenger car brand in the Korean market” and has officially confirmed its target date for entering the Korean market, which may be early next year, to be determined in the near future.
BYD Korea said it is currently working to establish a regional sales and service network, recruit employees, obtain vehicle certification, and finalize marketing plans and employee training.
Cho In-chul, general manager of BYD's Korean passenger car division, said: “To meet the high expectations of Korean consumers, we conducted an in-depth evaluation with experienced employees and partners.”
He also said, “We are preparing carefully to use our global success and cutting-edge technology to build a brand that can win the trust of Korean consumers.”
BYD first entered the Korean market in 2016, mainly selling commercial vehicles such as forklifts, buses, and trucks.