Nick Connor, head of Volvo’s Asia-Pacific region operations, delivers a briefing on the Sweden-based carmaker’s business plans in South Korea during a press conference at the Westin Josun hotel in central Seoul on Sept. 27, 2022. (Yonhap)
SEOUL, Sept. 27 (Korea Bizwire) – Volvo Car Korea Co. said Tuesday its accumulated vehicle sales will exceed 100,000 units this year after reporting a double-digit annual sales growth in the past decade in Asia’s fourth-biggest economy.
South Korea emerged as the 10th-biggest market for the Sweden-based carmaker last year from the 28th market in 2013 helped by strong local demand for its models.
The Korean market has been “so successful and important” for Volvo, and Volvo will grow further globally based on its renowned safety records despite the “perfect storm” of challenges, such as the dollar’s strength, the chip shortage and the Russia-Ukraine war, Nick Connor, head of Volvo’s Asia-Pacific region operations, said in a press conference.
Volvo Car Korea said it has fared better than its rivals despite the challenges this year. It expects to sell more than 15,000 vehicles, similar to the 15,053 units sold last year.
From January to August, its vehicle sales stood at 8,556 autos, 14 percent lower than 9,934 units sold in the same period of last year, according to the Korea Automobile Importers and Distributors Association.
“The company will be able to achieve the 15,000 sales target for the year as there will be some delayed vehicle supplies later this year,” a company spokesman said.
This photo offered by Volvo Car Korea shows the upgraded S60 sedan and the V60 Cross Country model displayed at the Westin Josun hotel in central Seoul on Sept. 27, 2022.
On Tuesday, the company launched the upgraded 2.0-liter S60 and V60 Cross Country gasoline hybrid models in the Korean market to boost sales.
To beef up its lineup, Volvo plans to introduce the all-electric EX90 SUV in Korea “in the not too distant future” for the first time among Asian markets, Connor said, adding the model will be “a smash hit and resonate with Korean consumers.”
The parent firm Volvo Cars is 82 percent owned by Geely Automobile Holdings, China’s largest privately owned automotive group.
In February, Volvo Car Korea launched the Volvo brand’s first pure electric model, the C40 Recharge SUV, and the electrified XC40 SUV, as part of the company’s electrification push.
The C40 Recharge is one of seven all-electric models to be released by Volvo Cars by 2030. Volvo aims to become fully electric by 2030.
In July 2020, Volvo Cars announced it will phase out diesel-powered vehicles in response to tougher regulations on diesel cars around the globe.
Last year, the Swedish carmaker stopped selling gasoline and diesel powered vehicles. Only gasoline hybrid and plug-in hybrid models have been available in Volvo dealerships.
Volvo Car Korea’s lineup is now composed of the S60 and S90 sedans, the V60 Cross Country and V90 CC models, the XC40, XC60 and XC90 SUVs, and the all-electric C40 and XC40 Recharge SUVs.
(Yonhap)
