Chinese automobile company Zeekr established Zeekr Intelligent Technology Korea, signaling its entry into South Korea's electric vehicle market, Yonhap News reported Monday.

The move follows BYD's (HKG:1211) official launch in the country in January, the report said.

Shares of BYD fell more than 3% in recent trade on Tuesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)