Volvo Cars plans to enhance cooperation with Korean battery and tech companies as technology is becoming imperative to maintaining competitiveness in the global market, the Swedish carmaker’s CEO Jim Rowan said during a press conference held at the Shilla Hotel in Seoul, Tuesday.
“We have been cooperating with Korean tech and battery partners for many years and we expect that to continue. We see that technology will be very important for the future,” Rowan said. “We will build our own battery factory in Sweden but we will maintain relationships with the current battery manufacturer because we plan to expand our business and we will need supply from both.”
Volvo is pushing for a complete EV transition by 2030. As part of that plan, the carmaker plans to release a new EV each year. It has already released two electric models the C40 and EX90 which are both equipped with LG Energy Solution (LGES) batteries.
The company’s brand changes and visions were shared at the press conference, which was attended by seven global Volvo executives including Chief Commercial Officer Bjorn Annwall and Chief Operating Officer Javier Valera.
Volvo Cars announced a medium- to long-term management plan to accelerate its transition to electrification and deliver differentiated Swedish luxury leadership in the domestic market. It also revealed the expected release date of the Volvo EX90, an all-electric flagship SUV.
“Volvo Motors, which has set the standard for safety, including the three-point seat belt, considers safety as the starting point and core goal of the company,” Rowan said. “As a leader in safety, we will continue to develop new standards and technologies, and strive to deliver new leadership for the next hundred years. We also plan to unveil the model Volvo EX90 in Korea at the end of this year.”
In addition, the company will invest 111 billion won ($84.1 million) this year to open seven new exhibition halls nationwide and eight new service centers.
Meanwhile, Volvo Cars Korea, which celebrated its 25th anniversary this year, has ranked ninth in Volvo Cars Global Sales.
This year Volvo Cars Korea set the goal of joining the 10,000-vehicles club for the fifth consecutive year. It aims to sell 17,500 vehicles, an increase of about 20 percent compared to the previous year. Volvo Cars Korea’s total sales volume in 2022 recorded 14,431 vehicles, despite unfavorable circumstances including a semiconductor shortage and economic doldrums. However, the company said it exceeded 10,000 vehicle sales for the fourth consecutive year and surpassed 100,000 cumulative sales.