Volvo Car Korea unveiled the ES90, a next-generation all-electric flagship sedan, on the 22nd. Volvo said it set the ES90's domestic starting price at 72.94 million won, more than 50 million won cheaper than major global markets. It also announced a goal of taking the No. 1 spot in sales in Korea's premium EV market.
On the 22nd at the Grand Hyatt hotel in Yongsan-gu, Seoul, at the ES90 launch event, Lee Yoon-mo, head of Volvo Car Korea, said, "We set such an aggressive price that people might say, 'The boss has lost it,'" and added, "Volvo sells fewer cars in Korea than the major German brands, but we made this decision with the goal of becoming No. 1 in the coming premium EV market, with the ES90 as the cornerstone."
The ES90 prices announced that day are ▲ single motor Extended Range Plus 72.94 million won ▲ single motor Extended Range Ultra 80.55 million won ▲ twin motor Plus 79.6 million won ▲ twin motor Ultra 87.41 million won ▲ twin motor Performance Ultra 95.41 million won.
These prices assume application of eco-friendly tax benefits, and Volvo said they are more than 50 million won cheaper than in major countries. They are up to 18 million won cheaper than the company's S90 T8 plug-in hybrid (PHEV) currently sold in Korea. Lee also said, "As the won weakens, Volvo Car Korea's profit margin is negative."
In Sweden, the ES90 starts at 813,000 kronor (123.94 million won), higher than in Korea. In the United Kingdom, it starts at £67,560 (133.79 million won), and in Italy, €73,500 (124.07 million won). In Germany, it starts at €71,490 (120.68 million won). In Japan (9.79 million yen · 88.79 million won) and China (389,900 yuan · 85.11 million won), the gap narrows but prices are still higher than in Korea. All ES90s are produced at plants in China and are equipped with CATL batteries.
Volvo backed this pricing decision with an eye to sales of its flagship "90 lineup" in the Korean market. Oscar Bertilsson Osbor, head of Volvo's 90 lineup and global sales, said, "Korea is one of Volvo's most important markets and the largest in the Asia-Pacific region," adding, "Since 2021, Korea has ranked No. 2 in total S90 sales, and among Volvo's roughly 150 markets worldwide, it has consumers who adopt cutting-edge technology the fastest."
On the back of this pricing policy, Volvo is planning aggressive sales. Lee said, "This year's ES90 sales target is 1,000 units, and next year more than 3,000," adding, "I am confident the ES90 will be the best-selling model in its segment." He also said that, even though preorders that began on the 11th of last month proceeded without disclosing detailed specs and prices, as of today they have exceeded 1,000 units.
Lee said that, starting with the ES90, Volvo aims to sell more than 10,000 EVs in Korea in 2027. He said, "We plan to keep investing in the Korean market so we can compete for No. 1 or No. 2 not only in the EV market but in the overall imported car market."
He also said, "If we introduce good models in Korea at prices that satisfy customers, there is no reason there should be a gap with the German premium brands." According to the Korea Automobile Importers & Distributors Association, BMW ranked No. 1 in imported car sales in the domestic market last year with 77,127 units. Mercedes-Benz followed with 68,467, and Tesla was third with 59,916. Volvo ranked fourth with 14,903.
Unveiling the ES90 that day, Volvo emphasized luxury and practicality. Although a sedan, it raised the minimum ground clearance to 188 mm to secure an SUV-level driving view, and adopted a fastback design to secure up to 1,445 L of trunk cargo capacity.
It also offers a spacious interior with an overall length of 5,000 mm and a wheelbase (distance between front and rear wheels) of 3,102 mm. Oscar said, "We used the design freedom that EVs allow to put more into a sedan," adding, "We have redefined the standard for a new full-size luxury sedan."
The powertrain is based on a next-generation high-voltage 800V system with improved performance and charging times and comes in three configurations: ▲ 92 kWh rear-wheel drive (RWD) single motor Extended Range ▲ 106 kWh all-wheel drive (AWD) twin motor ▲ twin motor Performance. With a maximum 350 kW fast DC charging environment, it can charge from 10% to 80% in about 22 minutes, and it is designed to travel up to 706 km on a single charge.
Volvo also offers a 5-year or 100,000 km free warranty and consumables replacement service, and an 8-year or 160,000 km high-voltage battery warranty. In addition, built on the next-generation intelligent platform "Hugin Core," it features Nvidia's core computer and a Qualcomm Snapdragon-based driver human interface unit (DHU), enabling software updates via over-the-air (OTA). As this is a key feature, it also offers free OTA for 15 years.