I wanted to buy an electric vehicle from a local brand, but I was told that I would have to wait more than two years to get my car. A Korean consumer ultimately chose the Chinese brand BYD, which offers affordable prices, comprehensive features, and there are still stock vehicles available.
According to a report by Reuters on October 30th, 48-year-old Seoul resident Kim Min-seon originally intended to purchase a Hyundai Casper electric vehicle, but the long waiting period led her to change her mind. In July this year, she bought a BYD Dolphin for about $18,500 (approximately 124,000 RMB).
Chinese electric vehicles are gradually opening up the Korean market. According to data from market research firm Carisyou, in the first three quarters of this year, BYD's new car registrations in Korea exceeded 20,000 units, surpassing the combined sales of Toyota and Lexus.
South Korean analyst Lee Jae-il from Eugene Investment Securities believes that BYD has seized the growing demand for affordable electric vehicles in the local market. Another car owner, Lee Seong-dong, admitted that he had a negative impression of Chinese cars before, but after seeing and testing the vehicles himself, his opinion changed significantly.
Chinese car brands are also expanding their presence in other overseas markets. The Wall Street Journal reports that Chinese brands account for over 20% of the market in Mexico, and they continue to expand into Latin America and Europe. Some car companies are even considering further expansion into the Canadian market.
On October 13, the newspaper also reported under the headline "Europe’s Largest Auto Show Now Dominated by Chinese Cars". There were approximately 20 Chinese car brands at this year's Paris Motor Show, compared to only 9 two years ago. Chinese automakers are becoming more prominent at these exhibitions, posing a challenge to traditional European automakers.
