The Chinese EV maker has applied for emissions and noise certification for its mid-size EV sedan SEAL with the National Environmental Research Institute under the South Korean Environment Ministry on June 5, marking the beginning of BYD's domestic release process.
The process, which examines factors such as driving range on a single charge, is estimated to take about two to three months. Performance evaluations related to the review of EV subsidies are conducted separately by Korea Environment Corp., Yonhap news agency reported.
In terms of size and performance, BYD's Seal model, whose entry price trim has been set at 179,800 yuan ($24,730), is comparable to Tesla's Model 3 and Hyundai Motor's Ioniq 6.
Market watchers expect the model to be eligible for EV subsidies when released.However, some note that the use of lithium iron phosphate (LFP) batteries in the model may work against the model due to the lower recyclable value of LFP batteries.
Other more affordable BYD models, including the Dolphin hatchback and Atto 3 compact crossover, are also reportedly being considered for release in the country.
BYD has already applied for trademarks for six models in the domestic market, including the Seal, Dolphin and Eto models.
If BYD successfully launches its passenger EV cars in South Korea with competitive pricing, it could impact the domestic electric vehicle market, which is currently dominated by Hyundai Motor and Kia.
South Korean automakers have already seen a decline in domestic EV market share, which fell 3.5 percentage points to 76.6 percent last year, particularly in line with the release of Tesla's Model Y vehicles produced in China.Local automakers are also moving towards introducing more affordable models with better value proposition, especially better battery capacity.
Hyundai plans to unveil the EV version of its mini SUV Casper at the upcoming Busan International Mobility Show later this month. Kia's EV3, the company's third and latest EV model after the larger EV6 and EV9 models, is widely expected to be a hit.
The process, which examines factors such as driving range on a single charge, is estimated to take about two to three months. Performance evaluations related to the review of EV subsidies are conducted separately by Korea Environment Corp., Yonhap news agency reported.
In terms of size and performance, BYD's Seal model, whose entry price trim has been set at 179,800 yuan ($24,730), is comparable to Tesla's Model 3 and Hyundai Motor's Ioniq 6.
Market watchers expect the model to be eligible for EV subsidies when released.However, some note that the use of lithium iron phosphate (LFP) batteries in the model may work against the model due to the lower recyclable value of LFP batteries.
Other more affordable BYD models, including the Dolphin hatchback and Atto 3 compact crossover, are also reportedly being considered for release in the country.
BYD has already applied for trademarks for six models in the domestic market, including the Seal, Dolphin and Eto models.
If BYD successfully launches its passenger EV cars in South Korea with competitive pricing, it could impact the domestic electric vehicle market, which is currently dominated by Hyundai Motor and Kia.
South Korean automakers have already seen a decline in domestic EV market share, which fell 3.5 percentage points to 76.6 percent last year, particularly in line with the release of Tesla's Model Y vehicles produced in China.Local automakers are also moving towards introducing more affordable models with better value proposition, especially better battery capacity.
Hyundai plans to unveil the EV version of its mini SUV Casper at the upcoming Busan International Mobility Show later this month. Kia's EV3, the company's third and latest EV model after the larger EV6 and EV9 models, is widely expected to be a hit.
