Volvo unveils affordable EX30 electric SUV in move to compete with Tesla
Volvo has officially launched its first fully-electric small SUV, the EX30, complete with two battery options and a starting price of around $38,500. This launch sees Volvo joining the race to create more affordable EVs, competing with the likes of Tesla. The EX30 is the smallest SUV to date from the Sweden-based manufacturer and follows on from the larger electric EX90 which was unveiled in November. The new model will be produced in China and is due to start later in 2023, with initial customers able to expect delivery from early 2024, ahead of the larger EX90 which has experienced production delays.
Volvo’s CEO, Jim Rowan, has said that the group wouldn’t need to follow Tesla on EV price cuts as market demand was already healthy. In contrast, Volvo aims for half of its sales volumes to be EVs by mid-decade and to only sell EV by 2030, with the EX30 being one of its biggest business opportunities in the coming years. “Customers get a premium fully electric SUV for a similar price to combustion engine-powered equivalents,” the group said.
The automaker is offering two battery types, the cheaper and less resource-intensive 51 KWh LFP (lithium iron phosphate) batteries offer a range of up to 213 miles and are targeted at drivers mostly traveling within cities or over shorter distances, helping to keep the car’s entry price down. More efficient 69 KWh NMC (nickel manganese cobalt) batteries will offer EX30 buyers an extended range of up to 300 miles. In its most expensive version, the new model will cost around $55,000.
According to Volvo, based on initial data in two markets, the total cost of ownership for the EX30 was lower than that of any other of its fully electric cars and of most competitors in the electric, small SUV segment. Electric SUVs from European premium brands such as BMW, Mercedes, and Audi currently cost at least $59,000. The EX30’s entry price is comparable to that of the EV version of Jeep’s Avenger small SUV.
FAQs
What is the starting price of the Volvo EX30?
The starting price of the Volvo EX30 is around $38,500.
When is the EX30 due to start production?
The EX30 is due to start production in China later in 2023.
When can initial customers expect delivery of the EX30?
Initial customers can expect delivery of the EX30 from early 2024.
What is the expected range of the two battery options available for the EX30?
The cheaper and less resource-intensive 51 KWh LFP batteries offer a range of up to 213 miles, whilst more efficient 69 KWh NMC batteries will offer EX30 buyers an extended range of up to 300 miles.
What is the automaker’s goal for EV sales?
Volvo aims for half of its sales volumes to be EVs by mid-decade and to only sell EV by 2030.
Volvo introduces economical EX30 electric SUV to rival Tesla.
Volvo has unveiled its EX30 fully-electric small SUV, targeting drivers in city environments with its two battery options and affordable price tag of around $38,500 – compared to $42,000 for Tesla’s Model 3. The launch event was held in Milan, Italy, where Volvo CEO Jim Rowan revealed that, “it’s a small SUV doing Volvo things.” The EX30 is currently the smallest SUV produced by the Sweden-based manufacturer, following the unveiling of the larger electric EX90 in November.
Volvo aims to have half of its sales volumes represented by EVs by mid-decade and is set to only sell EVs by 2030, with Rowan expressing optimism over the company’s healthy market demand and not wanting to follow Tesla’s price cuts. The EX30 will be manufactured in the Zhangjiakou plant in China, operated by Geely, Volvo’s controlling shareholder, unlikely to start until after the middle of 2023 with delivery early 2024.
The EX30 is available to order in certain markets such as Europe, with the initial delivery period scheduled for the beginning of 2024. As an EV SUV, the EX30 offers two battery types. The cheaper 51 KWh LFP (lithium iron phosphate) batteries require fewer resources and offer a range of up to 213 miles and the less economical, but more efficient 69 KWh NMC (nickel manganese cobalt) batteries will provide buyers with an extended range of up to 300 miles. According to initial data obtained by Volvo in two markets, the total cost of ownership for EX30 was observed to be lower than their other electric vehicles and most competitors in the electric, small SUV sector.
The automaker hopes to capitalize on the EX30’s affordable starting price, as it will be a significant business opportunity in the upcoming years. Volvo’s electric SUVs currently compare favourably, costing less than $59,000, in a small SUV segment that previously offered EVs at significantly higher prices than their gasoline-powered variants.