April 26, 2024

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[THE INVESTOR] Chinese electric vehicle maker BYD Auto recently sets up its Korean unit on the southern resort island of Jejudo where the provincial government offers generous benefits for EV purchases.

According to court documents on Nov. 22, the company completed the registration to open the BYD Korea office in Jejudo on Oct. 25.

BYD, the world’s largest EV maker, has been seeking to expand its presence in Korea. Last year, the company participated in an EV expo held in Jejudo.

Jejudo, equipped with abundant charging infrastructure across the island, boasts one of the highest EV subsidies globally. The local government plans to elevate the subsidy to a combined 25 million won (US$22,000) per car, including 4 million won support for charging.

The Shenzhen-based BYD sold more than 60,000 EVs last year, outpacing US-based Tesla Motors and Japan’s Nissan Motor.

In July, Samsung Electronics acquired about 2 percent stake in BYD, worth 510 billion won, becoming the company’s ninth-largest shareholder.

By Lee Ji-yoon (jylee@heraldcorp.com)