Yoonmo Lee, Volvo CEO: "Electric Vehicle Growth Continues... EX30 Targets 2,000 Units Annually"

Volvo Korea Compact Electric SUV EX30 Launch Event on the 28th
EX30 Priced 10 Million KRW Lower Than in Europe
Eligible for 100% Domestic Subsidy... Purchase Possible in the 40 Million KRW Range

Yoonmo Lee, CEO of Volvo Cars Korea, announced that the annual sales target for the compact electric sports utility vehicle (SUV) Volvo EX30 next year is 2,000 units. This is based on the belief that although the growth of the domestic electric vehicle market has slowed, the overall direction of growth remains unchanged.

At the EX30 launch event held on the 28th at Dongdaemun Design Plaza in Seoul, CEO Lee mentioned this. He said, "The growth of the electric vehicle market has only slowed down, but the trend toward electric vehicles itself has not changed," adding, "We believe that by presenting the EX30, which has competitive product and price advantages, we can continue the growth trend we aim for."

The EX30, unveiled by Volvo Korea on this day, is a 5-seater compact electric SUV. Volvo targeted a market niche with a B-segment electric SUV, where there are few competing models in the imported car market. The strategy is to capture the imported electric vehicle market with Volvo’s distinctive Scandinavian design, best-in-class safety features, an infotainment system tailored to the Korean market, and competitive pricing.

Yoonmo Lee, CEO of Volvo Cars Korea, is giving a presentation at the EX30 launch event held on the 28th at Dongdaemun Design Plaza in Seoul.
[Photo by Volvo Korea]

The EX30 is Volvo’s first rear-wheel-drive based electric vehicle. It is equipped with a rear-wheel-drive single motor combining a 69 kWh battery and a 200 kW motor optimized for energy efficiency. It can travel up to 475 km on a single charge (based on the European WLTP standard). The vehicle uses an NCM (Nickel-Cobalt-Manganese) battery, and charging from 10% to 80% takes 26 minutes.

Volvo equipped the EX30 with best-in-class safety features such as ▲a driver monitoring alert system that detects the driver’s movements ▲next-generation Park Pilot Assist that helps with parking ▲and a door opening alert that notifies when motorcycles or kickboards approach from behind.

Volvo Pure Electric Compact SUV EX30 [Photo by Volvo Korea]

Volvo Korea announced that more than 5,000 people have already signed up for advance notifications for online orders starting at 1 p.m. on the same day. The official domestic delivery of the vehicle is expected in the first half of next year. The price was set to fully qualify for domestic electric vehicle subsidies. The EX30 will be launched in two trims, Core and Ultra, priced at 49.45 million KRW and 55.16 million KRW, respectively. With subsidies, both trims can be purchased in the 40 million KRW range (43.3 million KRW and 49 million KRW) based on Seoul city standards.

Volvo produces the EX30 at its Hebei plant in China. Erasing the stigma associated with Chinese production is Volvo Korea’s biggest challenge. Recently, interest in Volvo Korea’s domestic production plans has increased as Polestar, Volvo’s sister company, decided to outsource production to Renault Korea’s Busan plant.

Man-sik Lee, Executive Vice President of Sales and Marketing at Volvo Korea, stated, "Concerns in the market about quality and brand management due to Chinese production are unfounded," emphasizing, "Volvo cars produced worldwide are manufactured to the same product standards, and there are no plans for domestic production of the EX30."

This content was produced with the assistance of AI translation services.