According to Yonhap News,

(BUSAN=Yonhap News) Thomas Andersson, Vice President of International Volvo Cars, expressed his commitment to securing the Korean market at a press conference on December 4 in Busan.

"The key value of Volvo is still safety, but the company is also transforming to become a young and dynamic brand. We will conduct marketing to show the appeal of Volvo to young Korean consumers,” said Andersson.

Volvo opened an exhibition hall (1,773.41㎡) in Haeundae District, its largest in Korea. The market share of Volvo in the foreign car market in Korea accounts for a mere 1.6 percent. However, Volvo has sold 2,773 cars in the January-November period, a 61.7 percent increase year-on-year.

"We have acknowledged the importance of the Korean market since a few years ago, and our headquarters in Sweden and Volvo Korea have been closely negotiating to implement new growth strategies. We are executing a mid- and long-term investment from this year as a part of the new strategy," said Andersson.

Since Chinese carmaker Geely’s acquisition of Volvo in 2010, the company has been expanding its presence not only in Sweden and northern Europe, but also China. As of October, Volvo had sold 65,827 cars in China, a 35 percent increase year-on-year.

"With Geely’s large-scale investment in Volvo after the M&A, we have undergone various changes, including the development of a new powertrain and new designs,” said Andersson.

Volvo operations remain independent despite its acquisition by Geely.

“Volvo was part of a large conglomerate only when it was under Ford. However, it is now focusing on the automobile business and leading the industry," said Andersson, with satisfaction.

Volvo plans to increase its global annual sales to 800,000 cars in 2018 from its current global annual sales of 400,000 cars.

Volvo expects the launch of the all-new Volvo XC90 SUV to be a turning point.

The XC90 series was the first SUV model of Volvo, which is known for being serious about safety. The first XC90 was launched in 2002 to be suitable for Sweden’s long and snowy winters.

The all-new Volvo XC90 is a complete makeover, with a new engine and design. It is equipped with the safest system, including a run-off road protection package and automatic braking at intersections. The all-new Volvo XC90 will be launched in Korea in 2016.

Also to be launched is the S90, the upgraded model of Volvo’s flagship sedan, the S80. The company also plans to sell the V40 Cross Country in Korea early next year.

fusionjc@yna.co.kr

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Source Text

Source: Yonhap News (December. 04, 2014)

** This article was translated from the Korean.