SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 18 Jun, 2024  

Electric.Car.9.Thmb.jpg Chinese EV maker BYD set to enter South Korean market in low-cost segment

Electric.car.9.jpg
   Top Stories
» 28 Indian startups raised over $800 mn in funding this week
» GST Council waives interest, penalty on notices to taxpayers under Section 73
» India's innovation ecosystem poised for exponential growth: Industry
» India's innovation ecosystem poised for exponential growth: Industry
» Overseas Indians faith grows in Indian economy with $1 billion deposits in April
IANS | 18 Jun, 2024

The expected entry of China's BYD Auto into the South Korean consumer electric vehicle (EV) market this year will likely intensify competition within the low-cost segment of the market, which globally has seen a stagnation in growth as of late due to the so-called EV adoption chasm, according to industry watchers on Tuesday.

The Chinese EV maker has applied for emissions and noise certification for its midsized EV sedan Seal with the National Institute of Environmental Research under the South Korean environment ministry on June 5, marking the beginning of BYD's domestic release procedure.

The process, which checks factors, such as the driving range on a single charge, is known to take around two to three months. Performance evaluations linked to a review for EV subsidies are conducted separately by the Korea Environment Corp, reports Yonhap news agency.

In terms of size and performance, BYD's Seal model, whose entry price trim is set at 179,800 yuan ($24,730), is comparable to Tesla's Model 3 and Hyundai Motor's Ioniq 6.

Market watchers expect the model to become eligible for EV subsidies when released. Some, however, note the use of lithium iron phosphate (LFP) batteries in the model could work against the model due to the low recyclable value of LFP batteries.

Other more affordable BYD models, including the Dolphin hatchback and the Atto 3 compact crossover, are also reportedly being considered for release in the country.

BYD has already applied for trademarks for six models in the domestic market, including those for the Seal, Dolphin and Atto models.

If BYD successfully launches its passenger EV cars in South Korea with competitive pricing, it could impact the domestic electric vehicle market, currently dominated by Hyundai Motor and Kia.

South Korean automakers have already seen a decrease in the domestic EV market share, dropping 3.5 percentage points to 76.6 percent last year, especially in line with the release of Tesla's Model Y vehicles produced in China.

Local automakers, too, are moving to introduce more affordable models with a better value proposition, notably improved battery capacity.

Hyundai plans to unveil the EV version of its mini SUV Casper at the upcoming Busan International Mobility show later this month. Kia's EV3, the company's third and latest EV model after the larger EV6 and EV9 models, is widely expected to become a hit.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
Will the Budget 2024 be MSME friendly
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter