BYD, the Chinese electric vehicle maker excluded from the government's EV subsidy program, has announced it will continue to provide "self-funded subsidies."
According to the industry Saturday, BYD Korea will run its "Eco-Friendly Zero-Emission Vehicle Customer Support Program" for one month in July, providing the same amount as the previous government subsidy at its own expense. The measure follows the suspension of government subsidy benefits from the 1st of this month.
As a result, the actual purchase price of BYD vehicles felt by new buyers is expected to be similar to when the previous government subsidy was applied. For the flagship mid-size sport utility vehicle (SUV) "Sealion 7," BYD Korea will fully cover the 1.52 million won that was the previous government subsidy amount. The mid-size sedan "Seal" will also receive 1.69 million won for the rear-wheel-drive model and 1.51 million won for the four-wheel-drive model, while buyers of the compact hatchback "Dolphin" can enjoy a price reduction effect of 1.09 million won.
According to the Ministry of Climate, Energy and Environment and the auto industry, BYD Korea's EV purchase subsidies were suspended from the 1st after it was excluded from the roster of companies carrying out the EV distribution program. A total of 10 passenger car companies will continue to carry out the subsidy program: Hyundai Motor, Kia, Renault Korea, KG Mobility, Tesla Korea, BMW Korea, Volkswagen Group Korea, Mercedes-Benz Korea, Volvo Car Korea, and Polestar Automotive Korea.
Meanwhile, Tesla Korea abruptly raised prices for its main models by 3 million won to as much as 7 million won on the 1st of this month. Tesla Korea raised the price of its Model 3 rear-wheel-drive (RWD) sedan by 5 million won, from 41.99 million won to 46.99 million won, and raised the Model 3 Premium Long Range RWD by 7 million won, from 52.99 million won to 59.99 million won. It also raised the Model 3 Performance by 5 million won, from 64.99 million won to 69.99 million won, and raised the Model Y Long Range AWD and the six-seat Model Y L by 3 million won each.
Tesla Pulled and BYD Pushed the Imported EV Market
Meanwhile, imported EV registrations in the first half of this year totaled 83,790 units, a 158.5% surge from the same period last year. EVs accounted for 45.5% of total imported car sales in the first half, and reached 51.1% in June alone, surpassing the majority for the first time on a monthly basis.
The best-selling single model was Tesla's "Model Y." The Model Y sold 43,359 units in the first half, far outpacing the second-place BMW 5 Series (11,837 units) and third-place Mercedes-Benz E-Class (11,820 units). The "Model 3" also ranked fourth in sales (8,861 units), supporting the brand's strength.
China's BYD is also expanding its presence. BYD sold 11,675 units in the first half, up 807.9% from a year earlier, ranking fourth among imported car brands. In just half a year, it achieved nearly double last year's annual sales volume (6,107 units). The compact electric hatchback "Dolphin" (4,511 units) and "Sealion 7" (4,477 units), leveraging price competitiveness, ranked fifth and seventh in sales, respectively.
