Chinese EVs win over some in South Korea, but Japan is proving to be a rougher road
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Chinese EVs are gaining ground in South Korea, but Japan remains a tough market.
- ✓While South Korean buyers now choose cheaper Chinese models, Japanese drivers still prefer local hybrids.
- ✓"They enter first, watch what happens and gradually adjust their strategy," said Liao Jingnan, as Chinese firms look for global growth.
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- India Economy
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"Everyone reacted like, 'Why did you buy a Chinese car? Are you trying to get yourself killed?'" the 48-year-old Seoul resident said. Her purchase would have been unthinkable just a few years ago in South Korea, where Chinese cars have been long dismissed as shoddy.
After rapid expansion in Europe and elsewhere, BYD and other Chinese automakers are now targeting South Korea and Japan, two countries with entrenched car industries - and no shortage of sceptical consumers. They are making inroads in South Korea, but Japanese sales have been muted.
The difference is partly due to EV uptake. Roughly a quarter of the new cars sold in South Korea this year were EVs, versus 3% in Japan, according to industry data.
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