The Korea Automobile Importers & Distributors Association (KAIDA) noted on the 19th that the Chinese electric vehicle manufacturer BYD has joined as a new member.
BYD is a rapidly growing global corporation spanning from battery manufacturing to the electric vehicle sector, having entered the Korean market in 2016. In the domestic market, it has focused on commercial vehicles such as electric forklifts, electric buses, and electric trucks.
Starting this year, BYD is accelerating its domestic business expansion into the passenger vehicle institutional sector, following the commercial vehicle segment. It plans to launch a total of three models, beginning with the Ato3, a small electric sports utility vehicle (SUV), and including the Seal, a mid-size electric sedan, and the Sea Lion 7, a mid-size electric SUV.
Jeong Yoon-young, vice president of KAIDA, said, “As a rapidly growing company ranked first in global electric vehicle sales, we are pleased that BYD, which is gaining significant attention, has joined KAIDA as a new member, marking its full-fledged entry into the Korean market this year.” He further stated, “Celebrating its 30th anniversary this year, KAIDA will continue to work steadily with all member corporations for the sustainable development of the Korean imported vehicle market and the advancement of the automotive industry.”
Founded in 1995, KAIDA currently consists of 22 member corporations, including 18 companies with 25 brands of imported passenger vehicles and 4 companies with 4 brands of imported commercial vehicles, all of which are officially imported and sold in the country.