Despite Imported Car Decline... Volvo Achieves Record High Sales in Korea Last Year

Surpassing 17,000 Units to Rank 4th in Imported Cars
Year-on-Year 17.9% Increase... Overall Imported Cars Down 4.4%
Over 60% Customers Aged 30-40... XC60 Tops Sales

Volvo XC60 (Photo by Volvo Cars Korea)

Volvo's domestic sales last year exceeded 17,000 units, setting a record high since the establishment of its Korean subsidiary. This year, the company plans to invest 100 billion KRW to expand showrooms and service centers and continue its growth momentum.

Volvo Car Korea announced on the 10th that it sold a total of 17,018 units last year, marking a 17.9% increase compared to the previous year. This is the highest record since the Korean subsidiary was established in 1998. This contrasts with the overall imported car market, which saw a decline (-4.4%) for the first time in four years during the same period. As a result, Volvo ranked 4th for the first time among imported car brands in domestic sales.

Sixty-two percent of customers were in their 30s and 40s. Specifically, 40s (35%), 30s (27%), and 50s (23%) in that order. Additionally, Volvo established itself as the premium imported car brand with the highest rate of individual purchases (74%). Volvo Car Korea explained, "The demand for family cars, based on leadership in safety and best-in-class product quality, drove the growth."

By model, the XC60 led sales with 5,831 units, accounting for 34% of total sales. It increased by 137% compared to the previous year, securing the top spot in imported SUV sales. This was followed by the S90 (18%), XC90 (15%), XC40 (11%), and S60 (10%). The 'V60 Cross Country,' a wagon-SUV hybrid, also recorded a 21% increase from the previous year with 1,093 units sold (6.4%).

Volvo Car Korea plans to continue this growth trend by making various investments this year. It will strengthen sales of key models with solid demand and introduce the next-generation electric SUV 'EX30' to expand new demand in the electric vehicle market, aiming to achieve sales of 18,000 units.

The EX30 is a 5-seater pure electric SUV. It is described as a model signaling the transition to a premium pure electric vehicle brand by 2030. Priced starting from the 40 million KRW range, it received over 2,000 pre-orders within a month after its unveiling at the end of November last year. Deliveries are scheduled for the first half of the year, and the company plans to actively negotiate with headquarters to secure additional supply.

Customer service will also be strengthened. With an investment of about 100 billion KRW, the current 34 showrooms and service centers will be expanded to 40. Six new showrooms will be secured within the year in Seo Suwon DTS, Yongsan in Seoul, Cheongju, Dongtan, Jinju, and Gunsan. In response to increasing customer demand, the Seoul Daechi showroom will be relocated and expanded. New service centers will open in six areas: Seoul Daechi, Hanam, Cheongju, Dongtan, Gunsan, and Jinju. Notably, the Gunsan and Jinju service centers will introduce a new concept of service connected to major regional hubs.

Yoon Il-mo, CEO of Volvo Car Korea, said, "Despite the industry's difficulties last year, we were able to grow because we continuously strived to understand what true premium value customers expect." He added, "We will spare no effort or investment to continue growth this year, starting a new era of mobility with the 'EX30.'"

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