BYD formally launched its well-liked Atto 3 in South Korea this week, its first EV to hit the market. The electrical SUV begins at simply over $21,500 in Korea, however with subsidies, costs might fall to underneath $14,000. Can it compete with low-cost EVs from Hyundai and Kia? With a number of top-selling electrical vehicles en route, BYD appears to win over consumers.
The world’s largest EV maker needs to extend its world market share even additional this yr. In 2024, BYD bought a file 1.76 million electrical autos, simply shy of Tesla’s 1.78 million deliveries.
With over 1.77 million fashions produced final yr, BYD surpassed Tesla by about 4,500 items to develop into the main world EV maker in 2024.
After dominating its house market, BYD is aggressively increasing into new markets. It’s already among the many top-selling EV manufacturers in components of Southeast Asia and Central and South America. Now, it’s seeking to compete with Hyundai and Kia on their house turf.
BYD Korea unveiled the Atto 3 for the primary time throughout a media occasion on Thursday. The corporate opened preorders the identical day, beginning at round 31.5 million received ($21,600). To improve to the Atto 3 Plus, costs begin at 33.3 million received ($22,900).
Cho In-Cheol, CEO of BYD Korea, stated the EV may very well be purchased for as little as round 20 million received ($13,700) with authorities subsidies.
BYD unveils its first EV in Korea, the Atto 3
“The Atto 3 is a confirmed world bestseller, and we’re thrilled to carry it to South Korea,” Cho stated throughout the occasion (through Yonhap).
BYD’s Korean chief identified the electrical SUV’s spacious inside is because of its “best-in-class wheelbase.” With a wheelbase of two,720 mm, the Atto 3 is in regards to the measurement of the Kia EV3 (2,680 mm) and Hyundai Casper Electrical (2,580 mm).
The EV3 and Casper Electrical are Hyundai and Kia’s new mass-market EVs. Hyundai’s compact electrical SUV begins on the similar 31.5 million received ($21,600) because the Atto 3. With incentives, Hyundai stated the Casper EV will be purchased for as little as 10 million received, or round $7,000.
As a result of BYD’s electrical SUV is powered by an LFP battery, it’s anticipated to obtain much less authorities help than home EVs from Hyundai and Kia.
Kia’s EV3 begins at 42.08 million received, or simply underneath $30,000, and is already proving to be a “recreation changer” in its house market, in response to the automaker.
Since launching globally in 2022, BYD has bought over a million Atto 3 electrical SUVs in 72 nations. Later this yr, the Chinese language EV large will broaden its EV lineup in Korea, launching the Seal sedan and the brand new Sealion 7 midsize SUV.
After launching its first EV (additionally the Atto 3) in Japan in early 2023, BYD bought extra electrical vehicles than Toyota in its house market final yr. Can BYD outsell Hyundai and Kia in Korea? Tell us within the feedback under.
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