Volvo Truck Korea Co. will sell over 4,000 units a year and boost repair centers to more than 40 by 2020 to command over 30 percent of the Korean commercial vehicle market by then, said its chief executive on Thursday.
“We will become No. 2 in commercial vehicle market by 2020,” said President Kim Young-jae, marking the company’s 20th year in business in Korea.
Volvo Truck sold 2,600 units last year in Korea, the first foreign commercial carmaker to break the 2,000 mark. According to Korea Automobile Importers and Distributors Association (KAIDA), the company has been leading sales in Korea’s commercial vehicle market for the first four months since January.
Volvo Truck is estimated to make up around 25 percent of the commercial vehicle market although direct comparison with local players is difficult due to difference in vehicle classification.
The company would have to raise this share to over 30 percent to meet its new goal of becoming No. 2 in Korea.
Volvo Truck Korea was among the top 10 in revenue terms out of 140 markets Volvo produces and sells trucks last year, said Helene Mellquist, senior vice president of Volvo Trucks International Sales Area.
By Woo Je-yoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]