BYD electrifies Korea’s EV market with soaring sales

BYD has defied the skeptics to shatter the formidable 20,000 annual sales ceiling less than two years after launching in Korea.

New BYD registrations between January and September hit 20,317 vehicles, according to the Korea Automobile and Distributors Association. Sales skyrocketed nearly 600 percent compared to the same period last year. A first year spent building brand recognition paid off with soaring sales the next.

BYD's lineup expansion, driven by the phased rollout of new models, played a pivotal role in the upward momentum.

In the domestic automobile market, the brand’s early foothold came from the BYD Atto 3 compact electric SUV and the Sealion 7 midsize electric SUV. Accounting for the bulk of annual sales, registrations of the Atto and Sealion totaled 3,076 and 2,662 last year, respectively.

This year, the integration of the small electric hatchback Dolphin brought a notable shift to the sales dynamics. Since February, 8,198 Dolphins have been registered between through September, emerging as the top-selling model. Maintaining steady sales, the Sealion recorded 7,109 registrations. Combined, the two models accounted for 15,307 units, representing approximately 76 percent of total sales.

THE sales figures demonstrate BYD's consumer-conscious approach to model releases to meet a range of demands. The Dolphin offers an accessible price point and a city-friendly size, while the Sealion offers a robust driving performance and a spacious interior. 

The demographic landscape for buyers also shifted as the product lineup diversified. The 40-to-50 age group accounted for the highest share of purchases. Individual purchases by those in their 40s reached 6,107 units, the highest, followed by those in their 50s at 5,242 units, together accounting for 65 percent of sales.

There was also a nearly 10-fold surge in buyers in their 30s from 307 units sold between January and September of last year. Registrations of cars bought by women also spiked ninefold from 594 units in the same period last year.

Against this backdrop of robust growth, the rollout of the new Sealion 6 DM-i model is set to shake up EV demand dynamics, and all eyes are on how BYD’s expansion will reshape Korea’s electric vehicle market.

BY LEE SO-YOUN [[email protected]]