Volvo set to release its smallest and cheapest electric vehicle this summer

Volvo is set to release its “smallest and cheapest” EV thus far on June 15, the EX30, which will be aimed at drawing younger people into the brand and electric vehicles.

Volvo will unveil its smallest and cheapest EV in June

Last week, Electrek reported Volvo is developing its first electric minivan after a slide presentation showcasing the company’s electrification progress revealed 6 EV models set to join its lineup.

The presentation included Volvo’s EV models already on the market, the XC40 and C40 Recharge, as well as the EX90, which is set to be released later this year.

Alongside the minivan and a premium “EX90 Excellence” model, the slide showed a small SUV with little-known details. According to Volvo’s CEO, Jim Rowan, the “smaller SUV” will be revealed on June 15. Speaking with Wheels, Rowan confirmed:

The new smaller one [SUV] is a new addition to the range. The age demographic at Volvo is a little older than we’d like. We’d like to get some more younger people into the brand. That will be a really nice price point I think for an entry level. Very safe, decent [driving] range, good size still, smaller than a 40, we’re going to talk to a completely different demographic, for the first time probably. And that younger demographic will probably be the ones that shop online.

Although no other details were shared, the EX30 is slated to play a critical role in expanding the brand with a lower price point, bold exterior design, and smaller style to match younger buyers’ preferences.

In addition, he added, online sales and a wide range of leasing options will be key to the new model’s success. The C40 starts at $55,300 MSRP, and the XC40 Recharge starts at $53,550, so we can assume, being the “cheapest” EV from the brand, it will be under $50K. With a variety of battery sizes, Rowan is confident the EX30 will launch at a competitive price.

Top comment by Roger

Liked by 11 people

Sell an EV for 30k and you’ll have plenty of young people buying.

View all comments

The small Volvo SUV will ride on parent company Geely’s SEA architecture, which will also be used by the upcoming Polestar 4.

Volvo XC Recharge (Source: Volvo)

Electrek’s Take

The Volvo EX30 is scheduled for deliveries to Europe and Australia toward the end of 2023. Although the company doesn’t mention the small SUV available in the US, it would make sense for the automaker to bring it to the states.

A smaller, cheaper Volvo SUV, in my opinion, would sell well in the US. Volvo has attractive-looking, safe models, and at the right price, they would sell.

Volvo is aiming for 50% of its sales volume to be electric by 2025, a small, affordable SUV will likely help get it there. We’ll keep you updated when we hear more about Volvo’s small SUV.

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising