Volvo to Introduce EX30, an Affordable Premium Electric SUV
Volvo, a renowned luxury car brand, is set to shake up the electric vehicle market with the launch of its new EX30, a pure electric SUV that promises to offer premium features at an affordable price point.
Premium Features at a Competitive Price
The EX30 will be introduced at a price range that can compete with the KG Mobility Torres EVX, a cost-effective electric car model. The Volvo EX30 boasts a new family look, innovative space design, smart storage technology, and advanced connectivity, making it an attractive option for consumers looking for a high-quality electric vehicle.
With a 69.0kWh NMC battery designed for high energy efficiency, the EX30 can drive up to 475km on a single charge, making it a viable option for both city driving and long-distance trips.
Competing with Torres EVX
Volvo Korea intends to price the EX30 to ensure 100% electric vehicle subsidies, making it available for less than 57 million won. With all the subsidies, consumers can purchase the EX30 for about 40 million won, putting it in direct competition with the KG Mobility Torres EVX, which has gained popularity for its cost-effectiveness.
CEO of Volvo Korea, Lee Yun-mo, emphasized the brand’s commitment to helping electric vehicle buyers reduce price concerns, stating that the launch of the EX30 will usher in an era where a pure electric SUV premium can be experienced at a price similar to that of an internal combustion engine.
Targeting Mercedes-Benz
Volvo’s strategy to target Mercedes-Benz rather than Tesla in the electric vehicle field stems from the brand’s historical association with Mercedes-Benz as a premium competitor. With a renewed focus on safety, design, and affordability, Volvo plans to reclaim its prominent status in the global car market.
Despite still being 2% shy of catching up with Mercedes-Benz, Volvo remains optimistic about its position in the electric vehicle market, emphasizing its commitment to sustainable and environmentally friendly vehicles.
Rising Popularity in Korea
Volvo has been gaining traction in the Korean market, attracting consumers with its emphasis on safety, sophisticated style, and reasonable prices. The company’s recent success with the C40 Recharge, which sold out in just 5 days of pre-orders, demonstrates the growing demand for affordable and high-quality electric vehicles.
With the upcoming launch of the EX30, Volvo aims to offer a premium brand experience at a competitive price, positioning itself as a formidable player in the electric vehicle market.
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KG Mobil Torres EVX (left) and Volvo EX30 [사진출처=KG모빌리티, 볼보]
Volvo, an imported premium brand popular in Korea for its ‘Chanel-level open dash’, joins the competition in electric vehicle cost-effectiveness (price performance).
This is because it is releasing a premium imported electric car at a price range that can compete with the KG Mobility Torres EVX, a cost-effective electric car model.
Volvo Car Korea (CEO Yunmo Lee) will unveil the EX30, a pure electric SUV, for the first time in Korea on the 28th and start online pre-orders.
Chosen as ‘Car of the Year’ in the UK
Volvo EX30 [사진출처=볼보]
The Volvo EX30 has ▲ a new family look that symbolizes the age of electrification, ▲ innovative space design and smart storage technology, ▲ ‘safe space technology’ that sets a new standard for urban safety, and ▲ advanced connectivity that provide an innovative user experience.
Even before its launch, it was named ‘Car of the Year’ by the British daily newspaper ‘The Sun’ and ‘Small SUV/Crossover of the Year’ at the ‘News UK Motor Awards’.
In Korea, it will be released as a rear wheel-based Single Motor Extended Range electric powertrain that supports not only city driving but also long-distance weekend trips.
It combines a 69.0kWh NMC battery designed for high energy efficiency and can drive up to 475km (based on WLTP) on a single charge.
Volvo EX30 [사진출처=볼보]
Volvo Korea intends to set the domestic selling price of the EX30 to ensure 100% electric vehicle subsidies in order to expand the distribution of electric vehicles and popularize the Swedish Premium.
This means it will be sold for less than 57 million won. If you receive all the subsidies for an electric car, you can buy one for about 40 million won.
It is a price that can compete with Torres EVX, an electric vehicle version of KG Mobility Torres, which has been popular for its high cost-effectiveness.
The Torres EVX is an electric SUV with an LFP (lithium, phosphate, iron) battery from BYD, a low-cost electric vehicle and battery manufacturer from China, which lowers the price to a mid-size SUV with an internal combustion engine.
The price ranges from 47.5 million to 49.6 million won, and with subsidies, it can be reduced to the upper range of 30 million won.
This is the price range of domestic medium SUVs such as Kia Sorento and Hyundai Santa Fe. You can also buy it at a cheaper price than the domestic medium SUV hybrid model.
Volvo Korea CEO Lee Yun-mo said, “We are working to help electric vehicle buyers reduce their concerns about price,” and emphasized, “With the launch of the Volvo EX30, an era will begin where people can experience a pure electric SUV premium. at a similar price to an internal combustion engine.” he did
“Sorry Tesla, all I see is Mercedes”
Volvo EX30 [사진출처=볼보]
Volvo targeted Mercedes-Benz, a ‘premium brand’ rather than Tesla’s ‘public enemy’ in the electric vehicle field.
There is a reason. Volvo has suffered from a ‘Benz complex’ since the 2000s. In the 1980s and 1990s, Volvo was the ‘three-headed horse’ that led the global premium car market along with Mercedes-Benz and BMW.
In the 2000s, Volvo was behind. The premium status has also weakened. Because of its focus on safety, it was judged to lack sensitivity due to its clumsy design, and was rated as ‘a car for older people only’. Benz, on the other hand, was on a roll.
Volvo C40 Refill [사진촬영=최기성 매경닷컴 기자]
Volvo was not deterred by the Mercedes complex. The complex was treated as a tonic, not a poison. The design evolved. An advanced Scandinavian style was applied with sophistication and a modern sensibility. We did not give up on safety, which is an advantage, but rather improved it.
As a result, cars released by Volvo since the 2010s have received good reviews for their safety and design, and sales have also increased. The status also rose again.
In Korea, Volvo has continued to sell out since the mid-2010s, boasting not only safety and sophisticated style, but also reasonable prices set below those sold in Sweden, the UK and Germany, and the highest level of warranty service among imported cars. brands.
Although the number of vehicles sold is less than that of Mercedes-Benz or BMW, there are many consumers who are ready to buy Volvo vehicles even if they wait about a year from the contract to the delivery. In terms of popularity, it rivals Chanel, the ‘open running’ brand.
Challenges sold out following C40 Recharge
Volvo EX30 [사진출처=볼보]
Volvo has raised its awareness again, but has admitted it is still 2% short of catching up with Mercedes-Benz, which has grown to become the global car market leader.
Volvo, which failed to achieve its goal of ‘demolishing Mercedes-Benz’ with internal combustion engine vehicles, turned its attention to the environmentally friendly car market.
As it is currently a growing market, it was considered that it would be relatively easier to reach the goal than the internal combustion engine vehicle market.
Volvo paid attention to Korea, which has emerged as a battleground for imported premium cars. As of July 2020, it was the first car brand imported in Korea to exclude diesel engines. It was an unprecedented attempt considering that the share of diesel in the imported car market reached 52% between 2014 and 2019.
Volvo abandoned its diesel model and, seeing the potential for environmentally friendly vehicles with hybrid models (including plug-in hybrids), turned its attention to pure electric vehicles.
Volvo EX30 [사진출처=볼보]
Last year, the company tried to make an unconventional move by releasing the C40 Recharge, the leader in ‘demolishing Mercedes’, in Korea. It was sold for 63.91 million won, which is 8.9 million cheaper than the US and 22 million cheaper than Germany.
This is enough to offset the disadvantage of only being able to receive half the subsidy instead of the full subsidy (less than 55 million earned at the time).
When launching electric vehicles, we pursued a strategy to improve not only cost-effectiveness but also cost-effectiveness (psychological satisfaction compared to price) by strengthening safety, quality, performance and service.
It enjoyed such popularity that all 1,500 units of the C40 Refill and 500 units of the XC40 Refill were sold out in just 5 days of pre-order.
The next baton is the EX30, which pursues cost-effectiveness and cost-effectiveness. The key to the EX30’s competitiveness is that you can buy a premium brand like Mercedes-Benz for the price of a Torres.
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