Volvo Cars will reduce prices on its EX30 and EX30 Cross Country electric SUVs in South Korea by up to 7.61 million won ($5,251) starting March 1, the company said on Friday.
The Geely-owned automaker joins Kia and Hyundai Motors in cutting EV pricing in the country amid sluggish demand and rising competition from Chinese manufacturers.
The entry-level EX30 Core will drop to 39.91 million won ($27,538) from 47.51 million won ($32,782), a 16% reduction.
The EX30 Ultra and EX30 Cross Country Ultra will each be cut by 7 million won ($4,830), bringing their prices to 44.79 million won ($30,905) and 48.12 million won ($33,203), respectively, the company said Friday.
With Seoul-area government subsidies factored in, the effective price falls further.
The EX30 Core could reach approximately 36.7 million won ($25,323), while the Ultra and Cross Country Ultra trims would come to around 41.58 million won ($28,690) and 42.54 million won ($29,353).
The subsidies are significant because South Korea’s EV support structure requires vehicles to be priced under 53 million won ($36,572) for full benefits — a threshold all three EX30 variants now clear after the reductions.
Volvo Cars Korea’s CEO Lee Yoon-mo clarified that the decision to apply discounts in the country came after “intense discussions” with headquarters.
Yoon-mo emphasized the brand’s strategy to make premium EVs more accessible:
“We hope to lead the popularization of premium electric vehicles through the EX30 and EX30CC models, which have price competitiveness, and do our best to help customers experience Volvo’s brand value at a lower cost,” he stated.
In the South Korean market, both SUVs directly compete with the BYD Atto 3, Kia EV3, Hyundai Kona Electric and Tesla Model Y.
At the end of last year, the US giant reduced prices by up to 3 million won ($__) from its Model Y Rear-Wheel Drive (RWD) Premium, as well as cutting Model 3 Performance All-Wheel Drive’s (AWD) pricing by 9.4 million won ($_).
The cuts position the EX30 against the BYD Atto 3, Kia EV3, Hyundai Kona Electric and Tesla Model Y in South Korea’s increasingly crowded EV segment.
Tesla reduced Model Y Rear-Wheel Drive Premium pricing by up to 3 million won ($2,070) late last year and cut the Model 3 Performance All-Wheel Drive by 9.4 million won ($6,486).
Hyundai last month slashed financing rates for its EV promotion from 5.4% to 2.8%, while Kia in January cut EV5 Long Range and EV6 prices by 2.8 million won ($1,932) and 3 million won ($2,070), respectively.
EX30 Launch and Specs
The Volvo EX30 was unveiled back in June 2023, during a special event in Milan, with production handled in China and Belgium.
The fully electric SUV was launched in November 2023, with deliveries starting in late June 2024.
The EX30 Cross Country has the same height and wheelbase measurements, but instead measures 1,850 mm in width and 1,573 mm in height.
All versions of the EX30 come with a 64-kWh battery pack, delivering estimated EPA driving ranges of up to 227 miles for the Cross Country, 253 miles for the Twin Motor trims, and 261 miles for the Single Motor models.
The SUV can be charged on a DC fast-charging connection at a peak rate of 153 kW, taking 28 minutes to charge from 10 to 80%.
In the country, the brand also offers the plug-in hybrid and mild hybrid versions of the S90 sedan and of the XC60 and XC90 SUVs, as well as the XC40, V60 Cross Country, and V90 Cross Country mild hybrid models.
EX30 Recalls and US Lawsuit
Last month, Volvo recalled a total of 33,777 EX30 units worldwide due to overheating risks in its battery pack that could potentially cause fires.
The majority of affected units — 10,400 units – were located in the UK, with also reports of 40 vehicles in the US and in several other countries.
The Swedish company advised owners of the defective SUVs to limit battery charging to 70% and to “park outside and away from structures”, while developing a permanent fix.
However, in late January, Volvo faced a class-action lawsuit in the United States, related to a recall of over 400,000 vehicles, including fully electric ones, over a rearview camera issue.
