BYD, China's largest electric vehicle maker, will provide its own subsidies on all models sold in Korea. With 48 local governments having already exhausted their EV subsidy budgets, the company is rolling out direct financial support to capture buying demand.
According to the auto industry on the 7th, BYD Korea will offer subsidies throughout May on all models currently on sale in Korea, including the Dolphin, Atto 3, Seal, and Sealion 7. The subsidy amounts range from 1.09 million won ($790) for the Dolphin to 1.69 million won ($1,220) for the Seal. Eligible recipients are buyers in regions where subsidies have already been exhausted or where subsidy policies have yet to be finalized.
BYD is also running a promotion this month that offers a 2.41 million won rebate to customers who purchase the Atto 3, a compact electric sport utility vehicle (SUV), with a lump-sum payment using a Samsung Card. Combining the in-house subsidy and cashback benefits worth 3.67 million won, the Atto 3 can be purchased for the high 20 million won range.
BYD entered the Korean market in April last year, leveraging price competitiveness. The company surpassed 10,000 cumulative sales in just 11 months — the fastest among imported car brands — and set a new monthly sales record last month with 2,023 units sold. Ranking fourth in the imported car market, BYD is rapidly expanding its footprint with 33 showrooms and 18 directly operated service centers nationwide.
