Volvo's First EV Will Cost $40K or Under

Will sport a range of at least 250 miles.

Car Scoop

Volvo's resurgence has been nothing short of exciting. We've seen them unload the completely fresh 90-Series lineup and, most recently, the introduction to the 60-Series, all with new features that makes us want a Volvo more than ever before, honestly. To add on to their new-found glory, the automaker recently announced that they have fast-moving plans for their first all electric vehicle which will cost around $40K and have a range of at least 250 miles.

Volvo CEO Lex Kerssemakers is adamant about reaching these figures in the U.S. market especially. He was quoted at the 2017 Geneva Motor Show saying "That’s what I put in as the prerequisite for the United States ... If I want to make a point in the United States, if I want to make volumes, that’s what I believe I need."

The $35,000-$40,000 price range will be a competitive one for the upcoming Swedish EV. Two cars that receive endless hype, the Tesla Model 3 and Chevrolet Bolt, find themselves right in the middle of that segment, giving Volvo a trial-by-fire entry. 

Volvo

We expect the EV to ride on the manufacturer's compact CMA platform, the same base that houses the forthcoming XC40. It's a versatile architecture that's been developed to fit the next generation 40-Series, and it's unclear if the EV will share the same "40" nomenclature.

Kerssemakers knows that developing a car at this price with these prerequisite capabilities will be tough. He wants to have it out in the next two years without skipping steps, so his team will have a lot of work to do in order to achieve that goal.

Volvo is yet to announce any more specifics on the new model. We expect to hear more over the next few months, perhaps giving the EV a name as well as an exact release date.