Chinese Electric Car Company to Enter Korean Market

  • By Shin Eun-jin

    November 22, 2016 09:56

    China's BYD, the world's largest maker of electric vehicles, is set to launch in Korea. Industry sources said on Monday the company completed the registration of its office here and secured a dealership to speed up its venture.

    Tesla, a market leader in the U.S., will also open a dealership in Hanam, Gyeonggi Province next week. BYD sold 61,722 EVs last year, becoming the world leader ahead of Tesla, Nissan, and BMW, which sold 50,557, 50,000, and 30,000 EVs, respectively.

    Warren Buffett, CEO of Berkshire Hathaway, holds a 10 percent stake in the Chinese carmaker, and Samsung Electronics recently bought two percent of the company for W500 billion (US$1=W1,183).

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