BYD (HKG:1211, SHE:002594) is looking to boost sales in South Korea by expanding its sales network to 30 branches by the end of 2025 from 15, Bloomberg News reported Thursday, citing BYD Asia Pacific auto sales chief Liu Xueliang.
The remarks came as the Chinese EV manufacturer launched its Seal mid-sized sedan for 47.5 million won during the Seoul Mobility Show in Ilsan, South Korea, on Thursday, the report said.
BYD entered the South Korean market in January following the launch of its Atto 3 electric sports utility vehicle, according to Bloomberg.
The Chinese car maker is seen to face an uphill battle in South Korea as local brands Hyundai Motor (KRX:005380) and Kia (KRX:000270) accounted for 1.2 million vehicle sales, or a 75% market share in 2024, Bloomberg said.
Hyundai and Kia's shares fell 1% each during midday trading Friday.
(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.)
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