Volvo’s smallest and cheapest EV, the EX30, is already changing the game in Europe. Will it have the same impact in the US?
According to new data from the European Automobile Manufacturers Association, European new car registrations grew by just 0.2% in July 2024.
Electric vehicle registrations fell 10.8% to 102,705 units last month. As a result, EV market share dropped to 12.1% in July 2024 from 13.4% a year ago.
Despite higher sales in Belgium (+44.2%), the Netherlands (+8.9%), and France (+1%), Germany’s massive decline (-36.8%) dragged down the market. Through the first seven months of 2024, EVs represented 12.5% of Europe’s new car registrations (815,399 units)
On the other hand, hybrid vehicles saw 25.7% more registrations in July (273,003) as the four largest markets had double-digit growth.
France (+47.4%), Spain (+31.5%), Germany (+22.4%), and Italy (+17.4%) all saw higher hybrid sales last month, pushing the market share to 32%, up from 25.5% last year.
Gas and diesel-powered cars had 7% and 10% fewer registrations in July, respectively, as they continue to fall out of favor.
Volvo’s cheapest EV drives growth ahead of US launch
Volvo led Europe’s new car registration growth in July, with 22,079 units sold last month, up 36.7% from July 2023.
Volvo has over 176,200 new vehicles registered in the EU through the first seven months of 2024. That’s up nearly 39% from the 127,032 cars registered through July last year.
The EX30, Volvo’s smallest and cheapest EV, is driving the growth. After delivering its first model in January, Volvo has already sold 47,172 models through July.
Through July, the Swedish automaker outpaced rivals, including Volkswagen (+3.6%), Stellantis (0.2%), Hyundai (-3.1%), BMW (+1.8%), Mercedes-Benz (-1.9%), and Tesla (-9.8%).
Volvo expected the EX30 to be a game changer, and it has been in Europe. Starting at around 36,000 euros ($40,000), the EX30 is one of the most affordable EVs in Europe.
In the US, the EX30 will start at $34,950, making it one of the cheapest electric options on the market. Although it was expected to launch in the US later this year, Volvo is pushing it back until 2025.
The delay comes after the US announced a 100% tariff on EVs imported from China, where the EX30 is currently built.
Volvo is accelerating production at its Ghent, Belgium plant to export to the US. The EX30 will be available in single- and Dual-motor powertrains with a range of up to 275 miles. Volvo’s AWD EX30 is rated at 265 miles.
Despite its low starting price, the EX30 is still loaded with the tech and safety features expected from Volvo. It includes a 12.3″ tablet-style infotainment and driver display with Google built-in and wireless Apple CarPlay support.
Electrek’s Take
Starting at $35,000, the EX30 will be one of the most affordable EVs in the US. According to Kelley Blue Book, the average price for a new EV in July 2024 was $56,520, 1.5% lower than in 2023.
Top comment by michael
without absolute values or Volvo‘s contribution to growth, comparing percentage growth doesn’t make much sense — Volvo could just have a much smaller PY basis to begin with.
Some of the lowest-priced EVs on the market include the Nissan LEAF ($28,140), Mini Cooper SE ($30,900), Hyundai Kona Electric ($32,875), Hyundai IONIQ 6 ($37,500), and Tesla Model 3 ($38,990).
Although the delay will allow rivals, like the lower-priced Chevy Blazer EV ($35,000), to hit the market first, Volvo still expects the EX30 to be a significant growth driver in the US. With two new electric SUVs launching in the US, Volvo expects similar results.
Would you consider Volvo’s EX30 for around $35,000? Let us know in the comments.
Source: ACEA
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