Swedish automaker Volvo has made its electric sport utility vehicle, the EX30, more affordable as it prepares to enter the Korean market for the second time following a year-long delay.
Volvo’s smallest SUV, measuring 4,235 millimeters in length, is set to debut in Korea in February. Originally scheduled for launch in November 2023, its release was postponed to finalize software adjustments for local operations. The price is now lower than initially announced.
The top-tier Ultra trim model has been reduced by 3.3 million won ($2,283) to 51.83 million won, while the base Core trim model has dropped by 1.9 million won to 47.55 million won. With subsidies from central and local governments, final consumer prices for all trims may fall below 50 million won.
The price cut comes despite the EX30 already being cheaper in Korea than in Volvo’s home market of Europe, where it sells for over 70 million won.
“Last year, the EX30 was the best-selling (battery-powered) EV in Europe after Tesla models, with over 77,000 units sold. I am confident we can achieve similar success in Korea,” said Volvo Cars Korea CEO Lee Yun-mo at a media test drive event on Tuesday in Gimhae, South Gyeongsang Province.
“However, we had to consider the difficulties Koreans face when purchasing EVs, including economic conditions.”
The reduced prices position the EX30 competitively against premium EV models from US and European legacy automakers, whose prices typically start in the mid-50-million-won range.
Beyond the affordability, Lee emphasized that safety remains uncompromised, reaffirming Volvo's decades-long commitment to its core value of safety in the transition to electrification.
"Volvo has integrated its best safety technologies across all models, from entry-level to premium segments, regardless of price," said Lee.
The EX30 offers superior object recognition both inside and outside the vehicle compared to other models in its class. It also includes advanced safety features typically found in more expensive vehicles, such as a driver monitoring system, park pilot assist and a door opening alert.
An infrared sensor behind the steering wheel monitors driver distraction, even in low-light conditions and when the driver is wearing sunglasses. The vehicle is also equipped with five radars, five cameras and 12 ultrasonic sensors to monitor its surroundings.
“For our consistent efforts to keep prices reasonable, our commitment to safety, and our premium strategy, Volvo has achieved the fastest growth among imported car brands in Korea over the past decade,” said Lee. “We are launching the EX30 on that foundation of growth, and it will mark the beginning of another successful decade for Volvo.”
By Lim Jae-seong (forestjs@heraldcorp.com)
