Volvo amps up EV price war in Korea, charges less for SUV

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Volvo amps up EV price war in Korea, charges less for SUV

Published: 20 Feb. 2026, 13:24 Updated: 20 Feb. 2026, 14:58

Audio report: written by reporters, read by AI

Volvo EX30 electric SUV [VOLVO CAR KOREA]

Volvo has joined the intensifying electric vehicle price war in Korea, slashing the price of its compact electric SUV to around 30-million-won ($20,694).

Volvo Car Korea said Friday that it will lower prices for its all-electric SUV models EX30 and EX30 Cross Country (EX30CC) starting March 1. The EX30, a small SUV, comes in two trims: Core and Ultra.

The company cut the price of the EX30 Core, which usually costs 47.51 million won, by 7.61 million, bringing it down to 39.91 million. It reduced the EX30 Ultra and EX30 Cross Country Ultra by 7 million won each, pricing them at 44.79 million won and 48.12 million won.

With government subsidies in Seoul, the effective purchase price of the EX30 Core could fall to about 36.7 million won. The EX30 Ultra would cost around 41.58 million won, and the Cross Country Ultra about 42.54 million won. Final prices vary by region because local subsidies differ.

Lee Yoon-mo, CEO of Volvo Car Korea, said the company made the decision after “intense discussions” with headquarters, reflecting the importance of the Korean market.

“We hope to lead the popularization of premium electric vehicles through the EX30 and EX30CC models, which have price competitiveness, and do our best to help customers experience Volvo’s brand value at a lower cost,” said Lee.

Competition in Korea’s electric vehicle market has grown increasingly fierce. Tesla Korea cut 3 million won from the price of its Model Y Rear-Wheel Drive Premium on Dec. 31 last year. Kia reduced prices for its EV5 Long Range and EV6 by 2.8 million won and 3 million won, respectively. China’s BYD has also entered the market with compact electric cars priced in the 20 million won range, stepping up pressure with aggressive pricing.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY NA SANG-HYEON [[email protected]]