“There will be no price hikes due to external factors.”
This is the statement from Yeon-Mo Lee, CEO of Volvo Korea. Despite the significant increase in import costs due to the strong dollar, he has drawn a line.
On the 27th, Volvo Korea held a launch event at the Westin Chosun Hotel in Jung-gu, Seoul, for the new models of its best-selling S60 and V60CC. Although they have successfully landed in the domestic market, the soaring won-to-dollar exchange rate is a headache for Volvo as well. As of the 27th, the exchange rate stood at 1,423 won per dollar, a rise of over 100 won compared to 1,295 won per dollar on July 1.
The new V60CC has been priced at 55.3 million won in the domestic market, while in the US, it is listed at $48,800 (approximately 69.44 million won), more than 14 million won higher than the Korean price.
Staying cautious of the won-dollar exchange rate, CEO Yeon-Mo Lee stated, “We will minimize price fluctuations due to external factors like the exchange rate to maintain the brand’s trustworthiness.”
By Lee Sang-Jin daedusj@autodiary.kr