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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Chinese electric vehicle (EV) manufacturer BYD has taken the top spot in South Korea’s imported EV market in its first month of sales, overtaking longtime leader Tesla in April.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on May 8, BYD’s compact SUV, the Atto 3, recorded 543 units sold in April, making it the best-selling imported EV for the month. Tesla’s Model Y Long Range (533 units) and Model 3 Long Range (350 units) ranked second and third, respectively. This marks a significant shift, as Tesla previously held the top two positions in the imported EV market throughout 2023.
Despite doubling its total EV sales in Korea last year by introducing more affordable China-made versions of its vehicles, Tesla's performance has slowed in 2024. Anticipation of a facelifted Model Y contributed to a drop in demand. Tesla's total domestic sales for January through April reached 6,265 units, down approximately 21% year-over-year.
Analysts attribute BYD's strong debut to its competitive pricing. The Atto 3 starts at KRW 31.5 million and, after government subsidies, is available in the upper KRW 20 million range. It offers similar performance to Kia’s EV3 Standard model—150 kW output and a 321 km range per charge—but is priced nearly KRW 8 million lower.
Although BYD vehicles use lithium iron phosphate (LFP) batteries, which result in lower subsidy levels due to lower energy efficiency, the Atto 3’s low base price offsets the smaller incentive. For example, Seoul-based buyers receive KRW 1.57 million in subsidies for the Atto 3, compared to KRW 5.28 million for the EV3.
While April sales of the Atto 3 fell short of domestic models like Kia’s EV3 (3,388 units) and Hyundai’s large SUV Ioniq 9 (1,128 units), market watchers expect sales momentum to grow in May. Notably, the April figure reflects only 17 days of sales, as deliveries began on April 14.
알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)
