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Exclusive: BYD to jumpstart Korean EV market with Atto 3 debut on Jan. 15
2024-12-04
BYD will release the Atto 3 compact SUV in Korea on Jan. 15, its very first passenger EV model in the local market as the world’s largest EV maker earnestly seeks to extend its influence beyond China's borders.
Priced between 35 million won ($25,000) and 40 million won, according to a source familiar with the matter, the Atto 3 will compete with Kia’s EV3 and Hyundai Motor’s Casper Electric, the two models leading Korea’s small electric SUV market.
“BYD recently confirmed the Atto 3 debut in Korea and is in the final stretch of the release, scheduled for Jan. 15,” another source in the auto industry told the Korea JoongAng Daily, adding that the launch has been “delayed due to growing public fear over EVs after a Mercedes-Benz EV explosion” in August.
The Atto 3, known as the Yuan Plus in China, is BYD’s best-selling export model, with around 100,020 units sold outside of its home country last year, making up 40 percent of the brand’s total overseas sales.
BYD Korea declined to confirm the matter, adding that it is “under review from various angles but nothing has been decided.”
Jumping on the small electric SUV bandwagon
The choice of the Atto as the automaker's debutant — out of three strong candidates with the Seal sedan and the Dolphin hatchback — was decided in consideration of the growing sales of small-sized electric SUVs in Korea despite weak overall EV demand.
During the August-October period, Kia’s EV3 became the best-selling EV in the Korean market with 8,636 units sold, followed by Casper Electric, which sold 5,078 units, beating Hyundai’s Ioniq 5 and Tesla’s Model Y.
Measuring 4,455 millimeters (175 inches) long, 1,875 millimeters wide and 1,615 millimeters tall, the Chinese SUV is bigger than its EV3 and Kona Electric rivals. It is also longer and wider than the Seltos SUV, the long-time bestseller in Korea's compact SUV market.
Topped with BYD’s Blade lithium iron phosphate (LFP) batteries, the Atto 3 can run up to 420 kilometers (261 miles) on a single charge, according to Europe’s WLTP standards. It is currently in the process of obtaining certifications from Seoul's Ministry of Environment.
BYD is reportedly set to open its first showroom in western Seoul’s Gangseo District, which will be operated by China Harmony Auto Holding.
“BYD confirmed cooperation with a total of six dealerships for Korean sales, and starting in January, we will introduce at least one new model every year in Korea,” said Liu Xueliang, general manager of the automaker's Asia-Pacific auto sales division, at the headquarters of the world's top EV maker in Shenzhen in southeastern China's Guangdong Province on Nov. 20.
Price still a thing
Its success, however, remains to be seen as the model doesn't qualify for full EV subsidies from the Korean government due to its lower-performance battery type.
The Korean government currently offers up to 6.5 million won for an EV that costs less than 55 million won, but applies differential rates for those installed with LFP batteries, which have less energy density than nickel cobalt manganese batteries. The government restricts the full subsidy to batteries with a density of more than 500 watt-hours; LFP batteries, though cheaper to make, generally have lower energy density at 400 watt-hours.
Under the law, the subsidy for Tesla’s Model Y, equipped with LFP batteries, more than halved to 1.95 million won this year from last year’s 5.14 million won.
“With a price tag of around 35 million won, it will be very tough for BYD to lure Korean customers who have a deep mistrust of Chinese EVs over quality concerns,” said Moon Hak-hoon, an automotive engineering professor at Osan University.
“BYD has to set the price at least somewhere in the upper-20 million won range to seek competitiveness in Korea, especially when public reluctance reached its peak after it was revealed that the exploding Mercedes used China's Farasis batteries,” Moon added.
The price of Kia’s EV3, which starts from 40 million won, goes down to some 35 million won range by applying the subsidies. It even falls to around 25 million won in regions like Geochang County, South Gyeongsang, which offers generous additional subsidies. The Casper Electric can be purchased in the low-20 million won range by applying the full range of subsidies.
The Korean government is pushing to strengthen the rule in order to benefit local brands and is reportedly considering excluding EVs with LFP batteries entirely from the eligibility list next year.
“We are in the process of setting up rules for the consumers' advantage and aim to announce next year’s detailed EV subsidy policies as early as the end of the year,” an official from the Environment Ministry told the Korea JoongAng Daily.
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