The new EV will follow the EX60 as the second vehicle based on Volvo’s SPA3 platform, positioned as a smaller, more affordable option.
Volvo enters lower-priced electric vehicle market in 2027
As part of Volvo’s larger product offensive, the company plans to launch 13 new cars through the end of 2030.
All new vehicles will be tailored to specific markets, including the United States, Europe and China. Volvo announced Friday during its third-quarter results that it will reveal three of the new vehicles in 2027.
One of the new vehicles will be for Europe and the other two will be destined for China (more on the US later).
After the EX60, which Volvo says has been “a huge success,” racking up more than 50,000 orders in Europe so far, Volvo will launch the second electric car based on its SPA3 platform.
According to Volvo, the new model is a “global BEV car, aimed at a large, lower-priced market segment” in Europe. The first deliveries to customers will begin next summer.
While the company did not reveal any further details, the new vehicle is suspected to be the successor to the current EX40.
The SPA3 platform supports everything from compact sedans and SUVs like the EX30 to the three-row EX90. As a mass-market vehicle, the new SPA3-based electric vehicle will likely be an SUV.
Will Volvo bring the lowest-priced electric vehicle to the US? He said it was a “global BEV car” but also that it was aimed at the lower-priced segment in Europe.
Luis Rezende, president of Volvo Cars America, told reporters during a media roundtable (via The edge) earlier this year that the company is preparing to launch a new electric vehicle in 2027 that will replace the EX30 as its new entry-level electric car.
Volvo initially said the lower-priced single-motor EX30 would go on sale in the US in late 2025 starting at $34,950, but then backtracked and discontinued the electric SUV from its lineup entirely.
While it may not be as cheap as the base $35,000 EX30, Renzende said prices would be “very similar.”
According to a Automotive news According to the report, Volvo will launch the new electric crossover SUV in late 2027, starting at less than $50,000.
The new base model is expected to go on sale as the EX50, an electric SUV that is taller and longer than the current EX40.
Volvo filed a trademark with the European Union Intellectual Property Office (EUIPO) for the EX50 in July. Although the presentation did not reveal many details, it did confirm that it will be electric.
Meanwhile, Volvo is ramping up production of its first long-range plug-in hybrid versions of the XC90 and XC60. The first deliveries to customers will begin this year in Europe, followed shortly after by the United States.
In the first quarter of 2027, Volvo will begin production of the XC60 in Charleston. By the end of 2030, it plans to begin production of a “second all-new car with multiple powertrain options,” the company said.
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