Volvo's C40 Recharge, XC40 Recharge now available in Korea

Volvo Cars Korea has started selling its first pure electric SUV in the Korean market Tuesday, at lower prices than in other markets globally.

Volvo Cars Korea CEO Lee Yoon-mo poses for a photo after a press event for its first pure electric SUV, the C40 Recharge. [VOLVO CARS KOREA]

Volvo Cars Korea has started selling its first pure electric SUV in the Korean market Tuesday, at lower prices than in other markets globally.

It is also the first Coupe SUV model from the Gothenburg, Sweden-based automaker in its 95-year history. The company is a subsidiary of Hangzhou, China's Zhejiang Geely Holding.

The C40 Recharge introduced in Korea comes in the Twin Ultimate version, the most expensive available. The electric SUV can travel 356 kilometers (221 miles) per charge, and is able to reach the speed of 100 kilometers per hour from zero within 4.7 seconds.

Equipped with a 78 kilowatt-hour lithium-ion battery produced by LG Energy Solution, it only takes 40 minutes to charge to 80 percent. The SUV can generate a maximum of 408 horsepower.

Safety is one of the biggest focuses, Volvo said. The car uses the company's IntelliSafe system that helps stop a vehicle ahead of an obstacle and keeps it a safe distance from other cars on the road.

The price of the C40 Recharge is 63.91 million won ($53,400) in Korea. The all-electric SUV with similar features retails for $60,540 in the United States and 63,440 euros ($72,000) in Germany, according to Volvo.

The vehicle is only eligible to receive 50 percent of the EV subsidy from the Korean government. Under a law recently revised by the Environment Ministry, only vehicles costing 55 million won or less will be eligible for the entire subsidy.

The inside of the Volvo C40 Recharge SUV [VOLVO CARS KOREA]

"Over 95 years since establishment, Volvo Cars has taken no prisoners for safety," Lee Yoon-mo, CEO of Volvo Cars Korea, said during a press event Tuesday. "It was our commitment to make people's safety on roads a priority. Now, Volvo is trying to go beyond that and is about to take a further step for the safety of the earth with the C40 Recharge."

The C40 Recharge also comes with a TMAP Infotainment system, which Volvo developed with SK Telecom. The two companies invested 30 billion won in total to offer various services for drivers, such as battery-charging-level information and locations of charging stations nearby.

On Tuesday, Volvo Cars Korea also introduced the XC40 Recharge, the pure electric version of the XC40. It is available from 62.96 million won.

Volvo aims to sell 1,500 C40 Recharge SUVs and 500 XC40s this year in Korea.

Volvo halted selling diesel cars in July 2020. It aims to introduce a total of seven fully-electric models through 2025, with the goal of making the brand a fully EV maker by 2030.

"Ditching diesel vehicles was such a difficult decision for us as diesel cars accounted for over 50 percent of the share of the imported car market in Korea at the time," Lee said. "The C40 Recharge shows the direction where Volvo has to go in Korea's EV market."

The XC40 Recharge, the pure electric version of XC40 [VOLVO CARS KOREA]

BY SARAH CHEA [chea.sarah@joongang.co.kr]