Volvo Car Korea CEO Lee Yoon-mo, right, poses with Oscar Bertilsson Olsborg, head of global commercial operations at the carmaker, during a launch event showcasing the all-electric ES90 sedan in Seoul, Wednesday. Courtesy of Volvo Car Korea
Volvo Car Korea introduced the all-electric ES90 flagship sedan on Wednesday, featuring what the carmaker described as “unusually aggressive pricing" aimed at broadening the appeal of premium electric sedans in one of its most important markets.
Starting at 72.94 million won ($49,200), the ES90 is priced at a level that undercuts comparable luxury electric vehicles. The price is more than 50 million won below prices in major European markets, the carmaker said. The company said the pricing reflects the importance of the Korean market in its global electrification strategy.
The ES90 is one of Volvo's two key electric models for Korea this year, alongside the EX90 flagship SUV launched in April. The sedan will compete against premium rivals, including the Mercedes-Benz EQE, BMW i5 and Genesis Electrified G80, but Volvo is seeking to differentiate the model by offering flagship technology at a significantly lower entry price.
“The sales target is more than 3,000 vehicles next year, and the strategic pricing will come as a major appeal of the premium vehicle,” Volvo Car Korea CEO Lee Yoon-mo told reporters during the vehicle's launch event in Seoul.
