Incheon: Chinese electric vehicle (EV) manufacturer BYD Co. officially entered the South Korean passenger car market Thursday, unveiling its Atto 3 compact sport utility vehicle (SUV) under a competitive pricing scheme. BYD Korea, the company's local sales subsidiary, held a media event in Incheon, where it announced that preorders for the Atto 3 will begin immediately, with deliveries expected to start in mid-February.
According to Yonhap News Agency, Cho In-cheol, CEO of BYD Korea, expressed excitement about the launch, stating that the Atto 3 is a proven global bestseller and highlighting its spacious interior and innovative 12.8-inch touchscreen display. The Atto 3, launched globally in 2022, has sold over 1 million units in 72 countries. The standard model is priced at around 31 million won (US$21,323), while the higher-tier Atto 3 Plus is priced at around 33 million won. After government subsidies, the base model could cost as low as around 20 million won.
The government's evaluation of the Atto 3 for EV subsidy is still under way. Due to its use of lithium-iron-phosphate (LFP) batteries, which have a lower recycling rate, the Atto 3 is expected to receive a smaller subsidy compared to domestically produced EVs. BYD Korea plans to expand its lineup by launching the midsize electric sedan Seal and the midsize electric SUV Sealion later this year.
Acknowledging the skepticism some Korean consumers may have toward Chinese brands, BYD Korea emphasized its commitment to quality and service. Cho stated that BYD aims to address consumer concerns about product quality and service by expanding opportunities for consumers to experience BYD's product quality and by delivering accurate information and excellent service directly to customers.