Volvo plans to release a new, more affordable electric vehicle in 2027, which will be the second model built on the company's SPA3 platform. This vehicle is designed as a global battery electric car targeting the lower-priced market segment, particularly in Europe. The company expects to begin customer deliveries after the summer of 2027.
The upcoming model is anticipated to be an electric crossover SUV, potentially branded as the EX50. Reports suggest that the vehicle will be priced below $50,000. This launch is part of a broader strategy that includes the introduction of 13 new car models by the end of 2030, with three of these new vehicles scheduled for reveal in 2027.
The SPA3 platform is versatile, supporting various vehicle types ranging from sedans to three-row SUVs. While the new model focuses on the European market, Volvo is also preparing for future product developments in the United States. The company is currently prioritizing the production of long-range plug-in hybrid versions of the XC90 and XC60.
Volvo's recent financial reports highlight the success of the EX60, which has already secured over 50,000 orders in Europe. Looking ahead to 2027, the company will initiate production of the XC60 at its Charleston facility in the first quarter. By 2030, Volvo aims to introduce another vehicle featuring multiple powertrain options.
