SEOUL, November 4 (AJP) - Chinese electric vehicle maker BYD has rapidly expanded its presence in South Korea's commercial taxi market.
According to an analysis of data from the Ministry of Land, Infrastructure and Transport obtained through lawmaker Kang Deuk-gu of the ruling Democratic Party (DP), about 305 new BYD electric taxis were registered in the first eight months of this year, up from just 20 during the same period last year.
The figure was a more than 15-fold increase from a year earlier, allowing BYD to overtake domestic automaker KG Mobility and rank third behind Hyundai Motor and Kia.
The surge shows BYD's growing appeal among individual taxi drivers, who are increasingly drawn to its relatively affordable electric vehicles and lower maintenance costs.
Electric taxis generally have lower running costs than LPG-powered vehicles, while BYD models are also more affordable than comparable electric vehicles offered by major South Korean automakers.
For example, the price of BYD's Sealion 7 midsize electric SUV starts at 44.90 million won ($31,000), more than 2 million won below the starting price of Hyundai Motor's Ioniq 5 at 47.35 million won. The gap is even wider for the Ioniq 6 sedan, which starts at 48.56 million won, making it 3.66 million won more expensive than the BYD model.
Of the 305 BYDs registered between January and August, 287 or 94.1 percent, were purchased by individual taxi drivers, while only 18 went to corporate taxi operators.
Hyundai continues to dominate the market, accounting for 54.1 percent of all registered electric taxis in the country, followed by Kia at 41.7 percent. KG Mobility held a 3 percent share, while BYD accounted for just 0.8 percent.
While BYD still has a long way to go to challenge Hyundai and Kia's dominance, the Chinese automaker's rapid rise suggests a potential seismic shift in a market long dominated by domestic brands.
According to an analysis of data from the Ministry of Land, Infrastructure and Transport obtained through lawmaker Kang Deuk-gu of the ruling Democratic Party (DP), about 305 new BYD electric taxis were registered in the first eight months of this year, up from just 20 during the same period last year.
The figure was a more than 15-fold increase from a year earlier, allowing BYD to overtake domestic automaker KG Mobility and rank third behind Hyundai Motor and Kia.
The surge shows BYD's growing appeal among individual taxi drivers, who are increasingly drawn to its relatively affordable electric vehicles and lower maintenance costs.
Electric taxis generally have lower running costs than LPG-powered vehicles, while BYD models are also more affordable than comparable electric vehicles offered by major South Korean automakers.
For example, the price of BYD's Sealion 7 midsize electric SUV starts at 44.90 million won ($31,000), more than 2 million won below the starting price of Hyundai Motor's Ioniq 5 at 47.35 million won. The gap is even wider for the Ioniq 6 sedan, which starts at 48.56 million won, making it 3.66 million won more expensive than the BYD model.
Of the 305 BYDs registered between January and August, 287 or 94.1 percent, were purchased by individual taxi drivers, while only 18 went to corporate taxi operators.
Hyundai continues to dominate the market, accounting for 54.1 percent of all registered electric taxis in the country, followed by Kia at 41.7 percent. KG Mobility held a 3 percent share, while BYD accounted for just 0.8 percent.
While BYD still has a long way to go to challenge Hyundai and Kia's dominance, the Chinese automaker's rapid rise suggests a potential seismic shift in a market long dominated by domestic brands.
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