[News Today] TOP CHINESE EV LANDS IN KOREA

[LEAD]
BYD, the Chinese electric vehicle giant and Tesla's global rival, has just announced its entry into the Korean market. Armed with technological confidence and competitive pricing, BYD is set to challenge South Korea's electric vehicle industry.

[REPORT]
This is the ATTO3, the first Chinese-made passenger electric vehicle introduced to the Korean Market.

This compact SUV can cover up to 321 kilometers with a single charge.

More than one million ATTO3s were sold around the globe since its release in 2022.

BYD is showcasing its flagship model with proven performance.

Cho In-chul / Head, Passenger Car Business, BYD Korea
You will get to know BYD technology better once you experience BYD. In time, Korean consumers will recognize BYD's technological excellence.

The price was lower than expected.

It was in the range of 31 million won or around 21 thousand dollars.

It's roughly ten million won or over 6,800 U.S. dollars cheaper than the Kona Electric, Hyundai Motor's electric SUV model of a similar size that takes up 70% of the local EV market.

The price could fall below 20 million won with government subsidy, but the Korean government hasn't decided on the subsidy amount yet.

A Hyundai Motor dealership directly interacting with customers, they believe the Chinese EV would have only limited impact for now.

Hwang Man-ik / Salesman, Hyundai Motor KINTEX Branch
I don't think the customers who bought it because of the price would stay loyal for long. They would experience many inconveniences once they start driving it.

BYD plans to approach Korean consumers through a niche market like the car rental business before releasing mid-sized electric sedans in the latter half of the year.

However, the Chinese green car maker has to overcome Korean consumers' preconceptions about Chinese brands such as concerns over battery safety and personal information security.

Prof. Kwon Yong-joo/ Dept. of Automotive, Transportation Design, Kookmin Univ.
There's only one model. It could be symbolic for BYD's presence in Korea, but it will take time for Korean consumers to open up their wallets.

The Korean automobile industry is watching closely if the global Chinese EV giant can shake up the local market.