BYD confirms it will launch its top-selling EVs in another key overseas market very soon
BYD will officially launch some of its most popular EVs in another overseas market in just a few weeks. The Chinese EV giant is now looking to break into South Korea, a market dominated by automakers like Hyundai. Can BYD’s low-cost EVs break Hyundai’s grip in the region?
BYD will launch EVs in South Korea in January 2025
After another record sales month in November, its second with over 500,000 vehicle sales, BYD is making a strong push overseas to drive growth.
BYD is already a leading EV brand in many overseas regions, such as Southeast Asia and Central and South America. Now, it aims to increase its global market share even further.
China’s largest automaker expects sales to quickly accelerate in places like Europe with EVs tailored to customer preferences, like its new Sealion 07 mid-size electric SUV. It’s also starting to break into Toyota’s home market in Japan.
Most recently, BYD confirmed plans to challenge Hyundai on its home turf. On January 16, 2025, BYD will officially launch some of its most popular EVs in South Korea, including the Dolphin, Atto 3, and Seal.
According to Chinese media outlet Yiche, BYD aims to sell 10,000 vehicles in South Korea next year. It will open 15 showrooms in high-traffic locations such as Seoul, Busan, and others.
Despite recent rumors, BYD denied plans to enter the Korean rental car market. The company will instead focus on growing its passenger car business.
BYD will face stiff competition from Hyundai and Kia, which are launching low-cost EVs of their own. In Korea, Hyundai’s Casper Electric starts at around $20,000 (27.4 million won). With incentives, it can be bought for as little as $7,300 (10 million won). Meanwhile, Kia’s electric EV3 SUV starts at around $30,000 (42.08 million won).
Can BYD match Hyundai and Kia? BYD’s EVs are some of the most affordable in China and abroad. Its cheapest, the Seagull EV (Dolphin Mini overseas), starts at under $10,000 in China.
However, in overseas markets, where it’s imported, the Seagull (Dolphin Mini) costs twice as much, at around $20,000 in Brazil and Mexico. The same is true of its Atto 3. BYD’s electric SUV starts at under $20,000, but in places like Germany, it’s priced at around $43,000.
Electrek’s Take
BYD is already finding some success in Japan, another market dominated by domestic players like Toyota. Through the first nine months of 2024, the company sold 1,742 EVs in Japan, up 96% from last year. BYD accounted for around 3% of Japan’s EV sales.
After launching the Seal in Japan, starting at $33,100 (¥5.28 million), BYD’s electric sedan was the top-selling EV import by August.
Other BYD EV models, including the Atto 3 and Dolphin, start at around $30,000 (¥4.4 million) and $24,500 (¥3.63 million), respectively. Prices are expected to be similar in South Korea.
Hyundai accounted for over 50% of auto sales in South Korea last year. Kia accounted for around 39%. Will BYD gain a foothold? Let us know your thoughts below.
Source: CarNewsChina, Yiche
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Kia’s electric sports car will smoke a Ferrari and Lamborghini off the line, and it’s already less than half the cost. Now, Kia’s 576 horsepower EV6 GT is even cheaper to drive with nearly $20,000 in lease savings. Here’s how you can get your hands on one.
The EV6 GT arrived in 2022 as the “most powerful Kia production vehicle ever.” With up to 576 horsepower, Kia’s electric sports car can sprint from 0 to 60 mph in just 3.4 seconds.
Kia went all out, adding fun features and different drive modes, such as “GT” and “drift.” The GT drive mode adjusts the vehicle’s motor, brakes, steering, suspension, and more for better performance.
To prove its power, Kia put its EV sports car up against a Ferrari Roma and Lamborghini Huracan EVO Spyder. Certified by an independent test from AMCI, the Kia EV6 GT beat both off the line. Not only is the Kia faster, but it’s also about half the cost.
The 2024 Kia EV6 GT starts at $61,600. A 2024 Ferrari Roma will run you about $245,000, while a new 2024 Lamborghini Huracan EVO Spyder starts at just over $300,000.
According to online car research firm CarsDirect, the 2024 Kia EV6 GT now features $19,050 in lease cash (24-month lease). With the option of Single Pay leases, you can also score lower lease rates.
If you’re looking for something with a little less performance (and a lower price), Kia is offering $10,000 in Customer Cash on all 2024 EV6 models. The EV6 Light Long Range RWD ($45,950 MSRP) is listed for lease at just $179 for 24 months, with $3,499 due upfront.
The discounts come with the new 2025 model year arriving, which has an even longer driving range (319 miles Kia-est) and an NACS port for charging at Tesla Superchargers. The new EV6 GT trim will also pull additional features from Hyundai’s IONIQ 5 N, including a Virtual Gear Shift (VGS) function.
Want to get behind the wheel of Kia’s electric sports car and test it out for yourself? You can use our link to find the best deals on the 2024 Kia EV6 (including the GT model) near you.
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Environment
India’s oil minister says ‘we play by the rules,’ as markets weigh U.S. energy sanctions
India will cooperate with international sanctions, the country’s oil minister told CNBC on Tuesday, as markets eye future U.S. policy under the new administration of President Donald Trump.
“We play by the rules. If there is an international sanction, which is anchored, we would not want to go around it or anything,” India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC’s Sri Jegarajah on the sidelines of the annual India Energy Week conference.
“On Russia, yes, there was a price cap, and we adhered strictly to the price cap. Going forward, if there are issues, we will address them.”
India’s refiners have been snapping up discounted Russian oil since Western and G7 energy sanctions barred many consumers from Moscow’s supplies, in an effort to whittle down Russia’s war coffers after its invasion of Ukraine. Countries not subject to the measures have been able to use insurance and shipping providers to facilitate the acquisition and transport of Russian crude procured under a price threshold.
New Delhi has repeatedly defended its purchases as a matter of national interest.
“There is no sanctioned country, first of all. It’s a lot of misrepresentation that’s taking place. Today, Europe still buys 25% of its gas from Russia. They buy other critical energy from there. So there’s no sanction,” the energy minister said Tuesday.
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He also signaled that the government of Trump’s predecessor, President Joe Biden, had endorsed India’s bolstered intake of Russian oil.
“I’ve had a chat with the Americans, the previous administration. They said, please buy as much as you like. Just make sure that you buy it within the price cap. And that’s what we did,” Puri said. CNBC has reached out to the U.S. State Department for comment.
India met about 88% of its oil needs via imports between April and November 2024, little changed from a year earlier, official data showed. As of January, about 40% of those imports came from Russia, data from trade intelligence firm Kpler suggests.
In 2021, Russian oil accounted for just 12% of the country’s oil imports by volume. By 2024, that share had surged to over 37%, according to Kpler data.
Sanctions in focus
The U.S. has been key in shaping global energy policy through sanctions over the past decade. In January, the U.S. imposed sweeping measures targeting Russia’s energy firms and the operators of vessels transporting oil — a move that analysts believe will make it harder for buyers like India to continue importing cheap Russian crude.
Investors have been waiting to see whether the newly installed Trump will pursue a ramp-up or relaxation of U.S. energy restrictions — critical to markets because the U.S. dollar denominates crude and oil product commodities.
Trump imposed sanctions affecting the Iranian and Venezuelan energy sectors during his first mandate and has taken an “America First” approach that could further incentivize domestic output — amid questions over the impact that threatened U.S. tariffs could have on global supply elsewhere.
Puri signaled his country would not be adverse to additional acquisitions of U.S. volumes. “If Americans are putting in more energy onto the global market, somebody asked me: ‘Are you going to buy more? I said: ‘I’d be surprised if we don’t.’ Because it’s in the natural flow,” he added.
The sanctions and trade developments are coinciding with a period when India’s oil consumption growth has outpaced that of China, contributing to 25% of the global increase in oil consumption.
“I am convinced that geopolitical tensions need to be managed,” Puri said Tuesday, noting current characterizations of supply-demand fundamentals in the oil market are “depending on whom you’re talking to and depending on where they stand on the equation,” as producers or consumers.
“A country like India, with a robust demand and a current consumption of 5.5 million barrels [per day] has a contribution to make in terms of which way the market goes. And we… we plan to use that leverage,” the oil minister added.
US EV prices held steady in January, and incentive spending dropped 3.1% from December, according to the latest monthly new-vehicle average transaction price (ATP) report from Cox Automotive’s Kelley Blue Book.
Average transaction prices for EVs in January, at $55,614, were higher by nearly 1% compared to a downwardly revised December. EV prices last month were lower year-over-year by 1.4%. Incentive spending on EVs in January decreased by 3.1% compared to December but was higher by 48.6% year-over-year.
Overall, EV costs are falling – compared to the overall auto industry, EV ATPs were higher by 14.3%. A year ago, the price premium versus the industry was 17.4%.
ATPs for market leader Tesla, at $55,380, were higher year-over-year by 4.5%. Cybertruck prices fell year-over-year by 6.5% to just under $98,000. Model X prices were also lower year-over-year.
The two most popular EVs in the US, the Model Y and Model 3, both saw transaction prices increase year-over-year by 2.2% and 6.2%, respectively.
The $7,500 tax credit is now missing from the Tesla website. What will Tesla’s February sales volume look like?
As for total new-vehicle sales volume in January, it was higher year-over-year by 5.1% but lower by more than 25% compared to a robust December. New-vehicle inventory at the beginning of January was below 3 million units for the first time since late October.
Read more: In December, EV sales were still up and incentives were still sweet – Kelley Blue Book
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