Volvo on Tuesday launched its latest all-electric sport utility vehicle, EX30, in South Korea, emphasizing the EV’s extraordinary safety technology and affordable prices to win the hearts of local customers.

“EX30 is a premium all-electric vehicle that has everything required to move toward a safer future,” said Lee Yun-mo, CEO of Volvo Cars Korea.

“(The EV) has everything that our customers expect from Volvo. Ranging from a new, pure electric powertrain that has achieved zero emissions while offering the fun of driving to a five-person innovative interior structure supporting various lifestyles, as well as next-generation safety features to save more lives and cutting-edge connectivity.”

Volvo Cars Korea pointed out that despite EX30’s size of a compact SUV, the EV presents new standards for safe, electric SUVs as the vehicle is a collective embodiment of the Swedish carmaker’s most advanced safety technology accumulated from the brand’s 96-year history.

The new safety technologies of the EX30 include a driver alert system, a park pilot assist and a door opening alert. The basic functions also offer the brand’s top-notch safety features such as intersection auto brake, run-off road mitigation, oncoming land mitigation and low-speed auto brake.

The EX30 is equipped with a 69-kilowatt-hour battery and a 200 kW motor that combine for a driving distance of up to 475 kilometers per charge. The vehicle supports up to 153 kW direct-current charging to allow its battery to be charged to 80 percent from 10 percent in 26 minutes.

The EX30 is offered in two trims for the Korean market: Core and Ultra. The Swedish automaker said the starting prices have been set at 49.45 million won ($38,256) for the Core trim and 55.16 million won for the Ultra trim.

Volvo Cars Korea expects the Core and Ultra trims to eventually cost 43.3 million won and 49 million won, respectively, for customers based on expectations that the EV will be eligible for a full government subsidy for eco-friendly vehicles.

The carmaker highlighted that the prices are the lowest among global markets where the EX30 has been launched. The prices of the Ultra trim are 65.7 million won in Germany, 68.1 million won in the United Kingdom and 67.5 million won in Sweden.

“With the exceptional prices that we are presenting for the popularization of premium EVs, we hope more people can experience the future of new city mobility,” said Lee.

Preorders began at 1 p.m. Tuesday. The CEO added that vehicle delivery will be carried out in the first half of next year with expectations to sell about 2,000 units of the EV annually.