Apple plans to launch its credit card

 

Hyundai's hegemony in the electric car market is threatened by BYD

In the first half of this year, BYD intends to launch its electric car line in South Korea. The Chinese company's new objective could present issues for Hyundai and Kia as it grows internationally.

 In the South Korean automaker's home market, the inexpensive Chinese electric vehicles compete with Hyundai's IONIQ 5 and Kona and Kia's EV6.

After surpassing Tesla to take the lead in the global electric vehicle market during the fourth quarter, BYD has not slowed down.

 Compared to the 911,000 electric vehicles it supplied in 2022, the Chinese manufacturer sold a record-breaking 1.6 million electric vehicles last year—a 73 percent rise.

 Atto 3, Dolphin, and Seal are just a few examples of the reasonably priced electric cars that have helped BYD increase its market share in foreign markets.

Since entering the Japanese market last year, BYD has accounted for 20% of Japan's imports of electric vehicles in January.

 The manufacturer sold a record 36,174 cars abroad in May as important countries continue to see a rise in demand for affordable electric cars.

Leading the way in Thailand, Japan, Brazil, and Colombia, BYD is rapidly growing, having just launched in Europe, Mexico, Australia, Indonesia, and India.

 In an effort to take on Hyundai and Kia, BYD intends to introduce electric vehicles in South Korea.

In an effort to market electric cars in South Korea, BYD is scheduled to meet with the ministry of the environment as well as the ministry of trade, industry, and energy next month.

 Automakers must obtain environmental and safety certifications, which cover the vehicle's range, energy efficiency, and battery safety, in order to sell electric cars in the nation, according to The Economic Korea Daily.

After that, the cars are examined to see if they qualify for state incentives.  Though it would take roughly three months, BYD plans to begin selling electric vehicles in South Korea in the first half of this year.

 The Atto 3 will be BYD's first vehicle to be introduced to the South Korean market. Over 100,000 units were sold overseas by the company last year, with the Atto 3 making up 40% of all sales of electric cars worldwide.

Additionally, the business intends to introduce the Dolphin and Seal models in an effort to increase its market share in the local Hyundai market.

 The IONIQ 5, Kona, Niro, and Kia EV6 are among the electric vehicles from Hyundai and Kia that the Atto 3 competes with.

 In Korea, BYD sells trucks and buses that run on electricity; however, it now wants to get into the passenger car market.

The electric vehicle environment may shift as a result of BYD's market expansion, even if Hyundai is already having a significant influence.

 Hyundai surpassed Ford and General Motors in US electric car sales last year, selling close to 269,000 vehicles.

With the release of 18 new models, Hyundai hopes to become one of the leading manufacturers of electric cars by 2030. This year, it intends to sell around 300,000 electric cars.