In line with growing demand in South Korea, the electric vehicle market currently dominated by Hyundai Motor and global brand Tesla will be joined by Chinese and European names to offer more diverse choices in price range.

According to industry sources on Monday, China’s top EV maker BYD is readying to bring all-electric passenger sedan to Korea next year.

The company is waiting for market license from local authority, and its official launch is expected to be in the second half of next year, said a source close to the matter.

The new release will likely be BYD’s flagship mid-size sedan Han series that is capable of driving up to 715 km on a single charge based on its local test. Considering its prices of 52 million won ($40,451.19) in China, the model would be eligible for full subsidy from Korean central and local governments.

EVs priced at 55 million won or lower can receive up to the maximum subsidy from central and local governments.

Its other models – Tang, Song and Qin – are other candidates competitive to tap the Korean market.

Although Chinese car brands remain less known in Korea, budget drivers could be drawn to their car performance.

Under government’s aggressive EV roadmap, the Korean EV market has been growing in fast clip.

The number of registered EVs in Korea almost tripled to 258,253 units in just two years and a half from 89,918 units in 2019, according to the Ministry of Land, Infrastructure and Transportation.

“Chinese makers can offer various (EV) models with reasonable price tags. Considering that Hyundai Ioniq 5 has been doing well against premium models like Tesla vehicles in Korea thanks to its lower price tags, the entry of Chinses EVs will further expand the options to customers,” said Lee Hang-gu, an analyst at the Korea Automotive Technology Institute.

The Korean EV market is currently led by Hyundai Motor Group and Tesla. From January to May, Hyundai Ioniq sold the largest 12,857 units in Korea, followed by Kia EV6 with 10,064 units and Tesla Model 3 with 3,618 units. Five on the top 10 best-selling models are Hyundai, Kia and Genesis vehicles.

European brands are also gearing up for entry.

Volkswagen is preparing the first EV launch in Korea in the second half of this year with the ID.4 capable of driving up to 522 km based on the European test conditions. It is priced at a minimum 38,915 euros ($41,177.90) in Europe.

Swedish EV maker Polestar under Volvo is planning to unveil Polestar 3 SUV next year in hopes to repeat the success of its predecessor Polestar 2 in Korea. Toyota also is reviewing to release its new EV model bZ4X in Korea next year.

By Lee Sae-ha and Lee Ha-yeon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]