Chinese electric vehicle company BYD officially entered the domestic market on the 16th. The first model launched by BYD is the "ATTO3," which is priced in the low 30 million won range. If maximum subsidies are received, the basic trim is expected to be purchasable for around 20 million won. Vehicle deliveries will begin in mid-next month.
Jo In-cheol, head of the passenger vehicle institutional sector at BYD Korea, noted, "Since this is the first year introducing our passenger brand to the Korean market, we have worked hard to set optimized prices so that more consumers can experience BYD electric vehicles without financial burden."
The ATTO3 is a representative SUV model of the brand, having sold over 1 million units across 72 countries in Asia, Europe, South America, Australia, and Africa since its launch in 2022.
The ATTO3 will be available in two trims: basic and higher (plus). The selling prices are 31.5 million won for the basic and 33 million won for the plus. Although the scale of government subsidies has not been determined, it is expected to receive less subsidies compared to domestic electric vehicles, as it is equipped with a self-developed blade battery based on lithium iron phosphate (LFP).
According to the Ministry of Environment, subsidies for purchasing electric vehicles this year will be a maximum of 5.8 million won, provided that the vehicle price is under 53 million won, and the battery performance and safety standards are met. Domestic vehicles equipped with nickel-cobalt-manganese (NCM) batteries that offer longer ranges will receive more subsidies compared to imported vehicles equipped with cheaper but shorter-range LFP batteries.
Jo noted, "The confirmed subsidy scale is expected to be released around the time customers receive their vehicles next month," adding, "Internally, we anticipate that subsidies will be calculated at around 1.5 million won or more, allowing the basic trim to be purchased for the high 20 million won range."
The domestic launch price of the ATTO3 is relatively affordable compared to the European and Asian markets. The ATTO3 is being sold in China for 119,800 yuan (approximately 23.7 million won), and in Germany and Japan, where it was launched before Korea, it sells for around 50 million won and 40 million won, respectively.
Jo stated, "Given the high standards of Korean consumers, there was a lot of consideration in the pricing process. To allow as many domestic consumers as possible to experience BYD and the ATTO3, the headquarters has made special considerations for the Korean market."
Following the ATTO3, BYD plans to launch the mid-size sedan "SEAL" and the mid-size SUV "SEALION7" in the second half of this year. Although BYD has not mentioned specific sales targets, it is reported to have set an approximate target of 10,000 units for this year.