SEOUL, January 16 (AJP) - China’s BYD and Xiaomi have announced plans to enter the highly competitive Korean markets, aiming to challenge the dominance of local giants with aggressively priced electric vehicles and consumer electronics.
BYD, the world’s largest electric vehicle manufacturer by sales, unveiled its strategy, Thursday, to introduce four electric vehicle models in South Korea in 2025, targeting sales of 10,000 units.
The rollout begins in February with the ATTO 3 SUV, priced at 31.9 million won ($24,000), followed by the Seal sedan in May at 42.9 million won, the Dolphin compact in June at 26 million won, and the Sealion7 SUV in August at 44.9 million won.
“BYD is striving to move beyond the perception of being a 'Chinese brand’ in South Korea by leveraging our competitive pricing and proprietary lithium iron phosphate battery technology,” said a BYD official.
The automaker’s entry highlights its ambition to capitalize on the growing demand for affordable electric vehicles in South Korea, a market dominated by Hyundai Motor and Kia.
Xiaomi, the world’s third-largest smartphone maker, is making its debut with the launch of its Xiaomi 14T smartphone. Priced at 599,800 won ($450), the device comes at a significant discount compared to its European price tag of 970,000 won ($730).
The company also unveiled an extensive product lineup, including smart TVs ranging from 188,000 won ($140) to 2.99 million won ($2,250), as well as robot vacuums and wearable devices.
“Korean consumers’ preference for premium quality at reasonable prices perfectly aligns with Xiaomi’s vision of ‘innovation for everyone,’” said Johnny Wu, president of Xiaomi Korea, during a press conference in Seoul.
Addressing concerns about data security, Wu emphasized that Xiaomi’s overseas servers are located in Europe, ensuring that “no data flows to China.”
Both BYD and Xiaomi face significant challenges as they attempt to penetrate a market where consumer loyalty to established domestic brands like Samsung, LG, and Hyundai runs deep. To overcome this, the companies plan aggressive marketing campaigns to carve out their presence.
BYD’s entry is expected to put downward pressure on local EV pricing, while Xiaomi’s push into smartphones and home electronics could intensify competition in South Korea’s tech market.
Copyright ⓒ Aju Press All rights reserved.