BYD's T4K 1-ton electric truck has exceeded its market share of 10% in the 1-ton electric truck market in two years after entering the domestic market.
According to the new car registration statistics of the Carisyou Data Research Institute, BYD registered 89 cars in February, including medium and large electric buses and 1 ton electric trucks. By January registration, the number of new BYD commercial vehicles registered this year is 118 .
Among them, 72 electric trucks were registered in February, which is equivalent to 10.8 percent of the market share of 1-ton electric trucks in February.
Sales of T4K, Porter 2 EV and Bongo 3 EV increased significantly in February compared to the same period last year, as government and local government subsidies were paid about 15 days earlier than the previous year.
BYD T4K began full-fledged sales in March 2023 and more than tripled its sales to 646 units last year, the second year of its launch following 214 units in the first year, under unconventional conditions, with its importer GS Global self-supporting the reduced subsidies.
GS Global is increasing its sales volume by offering more favorable conditions than last year when T4K subsidy decreased more than last year.
According to the Ministry of Environment's subsidy for electric vehicles by vehicle type, BYD T4K's government subsidy this year was 3.76 million won, down by 860,000 won from the previous year.,Local government subsidies vary from region to region, but an average of about 2,170,000 won. Small business owners and vulnerable groups receive 30% of the national treasury, and courier and farmers receive 10% of the national treasury.
In addition to government subsidies, GS Global is providing additional subsidies depending on the customer purchase area and situation to lower the burden on customers due to reduced subsidies.
Through this, the T4K cargo model, which has a market price of 46.69 million won, can be purchased at an average of 16.82 million won nationwide with subsidies and support benefits, while frozen vehicles with 64.9 million won can be purchased at an average of 32.54 million won.
