Volkswagen Group Korea on Tuesday launched the new Touareg, the first release from the German automaker in the local market in about two years, as the German automaker looks to bolster its presence here.

“The Touareg has established a unique position, offering exceptional product value at a reasonable price,” said Till Scheer, CEO of Volkswagen Group Korea, during the launch ceremony of the new sport utility vehicle at Grand Hyatt Seoul.

“It is an unmatched powerful premium SUV. The new Touareg is set to create a new sensation amid fierce competition in the premium SUV market.”

The price of the new Touareg starts at 100.99 million won ($73,576) in Korea.

According to Volkswagen Group, the Touareg has sold over one million units since its first generation model debuted in 2002. The new Touareg is the first Volkswagen model equipped with the newly developed HD matrix headlights that boast over 38,000 interactive LEDs projecting a light carpet onto the driving lane to illuminate the road.

Volkswagen Group's presence in the Korean market has waned over the last decade. It was once the third biggest auto importer when it sold 35,778 cars in 2015 but its annual sales volume dropped to 15,791 units in 2022. Volkswagen sold 10,247 units last year and its ranking plunged to seventh place among auto importers here.

“Our industry, the automotive industry, is faced with various challenges and transformations,” said Scheer.

“This presents us with numerous opportunities for advancement and growth. Starting with today’s launch of the new Touareg, we will strive to introduce various new technologies and innovations to Korea.”

For the upgraded model of the third-generation Touareg, the German automaker said it improved the SUV's suspension, display and operating concept while sharpening the front and rear design.

Volkswagen Group Korea will offer a cash benefit of three million won to customers who trade in their existing vehicles when buying the new Touareg. Customers can also choose a 36- or 60-month installment plan through Volkswagen Financial Services.