Seoul, Nov 13 (IANS): Chinese electric vehicle (EV) giant BYD on Wednesday officially announced its plan to enter South Korea's passenger car market.

BYD Korea, the company's South Korean sales subsidiary, said in a statement that it has "completed review to release passenger car brands in the domestic market" and officially confirmed its entry with a target date, likely early next year, to be set in the near future.

BYD Korea said it is currently working on establishing regional sales and service networks, recruiting staff, obtaining vehicle certifications, and finalising marketing plans and employee training, reports YOnhap news agency.

"To meet the high expectations of Korean consumers, we conducted in-depth evaluations with experienced employees and partners," Cho In-chul, head of BYD Korea's passenger car division, said.

Cho added, "We are meticulously preparing to establish a brand that can earn the trust of Korean customers by leveraging our global success and cutting-edge technology."

BYD first entered the Korean market in 2016 for commercial vehicles, such as forklifts, buses and trucks.

According to the company, it achieved global sales of 3.02 million eco-friendly models last year. In the first three quarters of this year, BYD recorded sales of $69.3 billion, reflecting an 18.94 per cent on-year growth.

The planned entry of BYD into the South Korean consumer EV market is expected to intensify competition within the low-cost segment of the market, which globally has seen a recent stagnation in growth due to the so-called EV adoption chasm.

This year, local industry leaders Hyundai Motor Co. and Kia Corp. have moved to introduce more price competitive EV models with better value propositions, notably improved battery capacity and driving range.