BYD launches its first EV in Korea starting at just $21,500: can it rival Hyundai and Kia?

BYD officially launched its popular Atto 3 in South Korea this week, its first EV to hit the market. The electric SUV starts at just over $21,500 in Korea, but with subsidies, prices could fall to under $14,000. Can it compete with low-cost EVs from Hyundai and Kia? With several top-selling electric cars en route, BYD looks to win over buyers.

The world’s largest EV maker wants to increase its global market share even further this year. In 2024, BYD sold a record 1.76 million electric vehicles, just shy of Tesla’s 1.78 million deliveries.

With over 1.77 million models produced last year, BYD surpassed Tesla by about 4,500 units to become the leading global EV maker in 2024.

After dominating its home market, BYD is aggressively expanding into new markets. It’s already among the top-selling EV brands in parts of Southeast Asia and Central and South America. Now, it’s looking to compete with Hyundai and Kia on their home turf.

BYD Korea unveiled the Atto 3 for the first time during a media event on Thursday. The company opened preorders the same day, starting at around 31.5 million won ($21,600). To upgrade to the Atto 3 Plus, prices start at 33.3 million won ($22,900).

Cho In-Cheol, CEO of BYD Korea, said the EV could be bought for as little as around 20 million won ($13,700) with government subsidies.

BYD unveils its first EV in Korea, the Atto 3

“The Atto 3 is a proven global bestseller, and we are thrilled to bring it to South Korea,” Cho said during the event (via Yonhap).

BYD’s Korean leader pointed out the electric SUV’s spacious interior is due to its “best-in-class wheelbase.” With a wheelbase of 2,720 mm, the Atto 3 is about the size of the Kia EV3 (2,680 mm) and Hyundai Casper Electric (2,580 mm).

The EV3 and Casper Electric are Hyundai and Kia’s new mass-market EVs. Hyundai’s compact electric SUV starts at the same 31.5 million won ($21,600) as the Atto 3. With incentives, Hyundai said the Casper EV can be bought for as low as 10 million won, or around $7,000.

Because BYD’s electric SUV is powered by an LFP battery, it’s expected to receive less government support than domestic EVs from Hyundai and Kia.

Kia’s EV3 starts at 42.08 million won, or just under $30,000, and is already proving to be a “game changer” in its home market, according to the automaker.

Since launching globally in 2022, BYD has sold over one million Atto 3 electric SUVs in 72 countries. Later this year, the Chinese EV giant will expand its EV lineup in Korea, launching the Seal sedan and the new Sealion 7 midsize SUV.

After launching its first EV (also the Atto 3) in Japan in early 2023, BYD sold more electric cars than Toyota in its home market last year. Can BYD outsell Hyundai and Kia in Korea? Let us know in the comments below.