Written by: Salma El-Sakka
Swedish company Volvo has announced its plans to launch a new low-priced electric car in 2027, to be the second model based on the SPA3 technical platform after the EX60 model. This announcement comes as part of the largest product launch campaign in the company's history, which aims to launch 13 new cars by the end of 2030.
Details of the New Car and SPA3 Platform
Volvo described the upcoming model as a "global electric car targeting a wide and low-priced market segment" in Europe, and it is likely to be an SUV given that it is a mass-market vehicle. The SPA3 platform supports a variety of car bodies, from sedans and compact sports cars like the EX30 to the three-row EX90. The first customer deliveries are scheduled to begin after next year's summer, and it is suspected that this model will be a replacement for the current EX40 model.
Volvo's Expansion Plans until 2030
During its third-quarter earnings announcement, the company revealed its intention to unveil three new cars in 2027, one dedicated to Europe and two for China. The EX60 model has achieved great success, surpassing 50,000 orders in Europe so far. Volvo also plans to begin production of a second entirely new model with multiple engine options by the end of 2030.
The American Market and the EX50 Model
Louis Resende, President of Volvo Cars America, confirmed that the company is preparing to launch a new electric car in 2027 to replace the EX30 as an entry-level car for the American market, after Volvo backed away from launching the single-motor version of the EX30 and completely stopped its sale. The new model is expected to bear the name EX50, as the company registered a trademark for this name at the European Union Intellectual Property Office last July. Reports indicate that the starting price will be less than $50,000, and it will be longer and larger than the current EX40.
Production of Plug-in Hybrids and the Charleston Plant
Meanwhile, Volvo is accelerating the production of the first long-range plug-in hybrid versions of the XC90 and XC60 models, with deliveries to begin in Europe this year, followed by the United States. XC60 production will begin at the Charleston plant in the first quarter of 2027.
