BYD's low-price EV push threatens Hyundai and Kia dominance in South Korea
Chinese automaker BYD is rapidly gaining market share in South Korea, outpacing Hyundai and Kia with cheaper, feature-rich electric models.
BYD’s entry into South Korea’s passenger-car market has sparked a swift shift, with registrations reaching roughly 20,000 units in September, double its 2026 goal. The Chinese maker’s Dolphin hatchback, priced just under 23 million won after discounts, attracted buyers like YouTuber Lee Seongdong, who preferred it over Hyundai’s delayed Casper Electric. Bloomberg Intelligence data show BYD’s EV sales jumping nine times from January to August, while Hyundai’s comparable sales fell about 6 %.
Hyundai and Kia, together holding about 72 % of the market, now face intense price competition from BYD’s low-cost, technology-focused lineup, prompting concerns from analysts and industry groups about the long-term sustainability of domestic manufacturers. Hyundai’s senior vice-president Lee Jae-kyu expressed “despair” over Chinese design and pricing advantages observed at the Paris Motor Show. Despite service-network challenges for Chinese brands, BYD plans to expand its South Korean service sites to 26 by the end of 2026.
Why it matters
The surge of cheap Chinese EVs could reshape South Korea's auto market and pressure domestic manufacturers.
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