Volvo Trucks executives pose with the Volvo FH in a press event held at W-Seoul Walkerhill in Seoul on Monday. From left are Kim Young-jae, Volvo Trucks Korea president; Christophe Martin, senior vice president of Volvo Group Trucks Asia Oceania; and Joachim Rosenberg, executive vice president of Volvo Group. (Volvo Trucks Korea)
Volvo Trucks, the world’s second-largest truckmaker, held the Asian unveiling of its new flagship trucks ― the Volvo FH, FM and FMX ― in Seoul on Monday in a move to renew commitment to its biggest market in Asia.
The three new models have been fully revamped after 11 years. According to the Sweden-based company, key features include the new Volvo Dynamic Steering, which allows for effortless handling, and the intelligent gear-changing system, the I-Shift. Prices of the new models range from 140 million won to 240 million won ($136,000-$234,000).
“Volvo has invested more than $3 billion and 14 million engineering hours in product development alone,” said Joachim Rosenberg, executive vice president of Volvo Trucks, who is in charge of sales and marketing in Asia.
“Last year was the best year for Volvo Trucks. With the new introduction, we are confident of our ability to sustain this ambitious growth this year,” he added, declining to specify the company’s sales goal for the year.
For the Asian debut of the crucial new models, Volvo has invited some 1,600 VIP customers from all over the Asia to Seoul to witness its new offerings.
In Korea, Volvo is the top-selling truckmaker among foreign brands. It sold 1,404 vehicles last year. Kim Yong-jae, president of Volvo Trucks Korea, attributed best-in-class fuel efficiency to the company’s strong performance here.
“In Korea, more than 85 percent of customers are individuals and they have keen interest in fuel efficiency. For them, Volvo trucks, equipped with safety and reliability, are a perfect fit,” he said.
Volvo is the latest among a slew of foreign-brand truckmakers that are upping the ante in Korea, a key market in Asia but dominated by the powerful Hyundai Motor. But foreign players have received a fresh boon recently as the Korean carmaker is struggling to meet the soaring demand.
Scania of Volkswagen Group is expanding its service network to elevate its annual unit sales to some 1,000 vehicles, while Daimler Trucks has announced new investment plans, including its own 52 billion won parts delivery center, due to be completed in June.
Navistar International, the largest truckmaker in the United States, launched its first truck models in Korea in February with the aim of taking advantage of tariff cuts under the Korea-U.S. Free Trade Agreement.
By Lee Ji-yoon (jylee@heraldcorp.com)