BYD Korea's electric vehicle lineups are on display during the brand's launch event in Incheon, Jan. 16. Courtesy of BYD Korea

Cho In-chul, managing director of passenger vehicles at BYD Korea / Courtesy of BYD Korea

BYD Korea is currently in talks with its headquarters in China regarding the potential sale of hybrid electric vehicles (EVs) in the Korean market. This move is aimed at appealing to middle-aged consumers who hold more conservative views toward fully electric vehicles, according to Cho In-chul, the managing director of passenger vehicles at the company.

The local subsidiary of the Chinese EV brand is making headlines for its surprising initial reception in Korea after debuting in January.

The carmaker's flagship Atto 3 EV achieved a landmark preorder figure of over 1,000 within a week of its launch. Opinions remain divided on whether the carmaker can attain significant success in Korea due to prevailing skepticism toward Chinese products. Still, BYD is gradually establishing itself as an affordable carmaker with proven success in overseas markets such as Europe.

With the Atto 3 SUV, the company initially targeted younger consumers, particularly those in their 20s and 30s. However, Cho revealed plans to broaden the company's target demographic to include middle-aged and older consumers by introducing plug-in hybrid electric vehicles (PHEVs), as these groups remain hesitant about fully embracing all-electric cars.

BYD Korea's flagship Atto 3 SUV / Courtesy of BYD Korea

"Middle-aged customers generally have a conservative mindset regarding EVs, so BYD Korea is reviewing the plan to introduce PHEVs for them," Cho said in a written interview with The Korea Times, Tuesday.

"We will continue introducing our diverse product lineups to embrace customers from all age groups."

Unlike all-electric cars, PHEVs run on a small electric motor and an internal combustion engine. When the former runs out of charge, the latter starts operating. PHEVs account for more than half of BYD's total global car sales.

However, Cho did not elaborate on a specific timeline for implementing the plan. Starting with the Atto 3 EV, BYD Korea is scheduled to launch two more EV models in the country this year — the Seal electric sedan and the Sealion 7 mid-sized electric SUV.

Regarding the tough competition from Korea's homegrown EV makers, such as Hyundai Motor and Kia, the BYD Korea chief stated that they are "not competitors, but partners," as all of them contribute to expanding the overall EV market both domestically and internationally.

"Our rival models are not EVs, but cars powered by internal combustion engines," he said. "We identify other EV brands as a companion to drive the popularization of EVs."

Raising BYD's brand awareness in Korean market

Cho emphasized the carmaker's vision to reposition its brand as a fully reliable EV maker.

"We are aware that Korean customers perceive EVs as vulnerable to fire and view Chinese products as unreliable," he said. "This is why we did not set a specific sales target for this year. Instead, BYD Korea's top priority is to change the perception and establish itself as a trustworthy brand."

BYD has been the world's leading carmaker in the sale of environmentally friendly vehicles for three consecutive years, starting in 2022. In November 2024, the company became the first in the world to produce 10 million environmentally friendly vehicles.

The Chinese carmaker also plans to increase its spending to participate in a series of car events in Korea, aiming to raise brand awareness among local customers.

Cho In-chul, managing director of passenger vehicles at BYD Korea, introduces the carmaker's Atto 3 electric SUV during its launch event in Incheon, Jan. 16. Yonhap

"BYD Korea will attend the Seoul Mobility Show in April to deepen communication with potential customers," he said.

It may take more time for the carmaker to enhance its brand perception, but BYD Korea remains confident it can establish a stronger EV identity within three years, making the brand the top choice for customers considering EV purchases, according to him.

BYD Korea launched the Atto 3 EV at a significantly lower price point compared to other key overseas markets. This strategy has raised concerns among critics that the company may implement price hikes once its sales stabilize and establish a steady growth trajectory in the Korean market.

However, Cho said prices are not determined by companies, but by customers.

"Customers are very smart, and they never purchase any products when their prices are not at an adequate level," he said. "Korean customers are particularly known for their sensitive appetite than those from any other countries. BYD Korea set the price for its vehicles after taking into consideration multiple factors, such as revenues from dealerships and prices of rival models."

The BYD Korea executive also spoke highly of the firm's tech prowess.

"BYD employs more than 100,000 technicians and researchers, and we drive technological innovation with massive research data," he said. "We will offer diverse opportunities for customers to experience our brand directly and indirectly. This will help customers alleviate any prejudices and misunderstandings about us."

"When customers have more experiences of the brand and its products, BYD Korea will be able to establish an identity as a trustworthy and safe brand rapidly," he said.