Volvo Plans Cheaper Electric Model for 2027 on Same Platform as EX60

Volvo is preparing a lower-priced electric car for 2027, the company said as it reported third-quarter earnings on Friday. The model will be the second vehicle built on its SPA3 platform, following the EX60.

The announcement is part of what Volvo describes as its largest product offensive, with 13 new cars planned through the end of 2030. Each will be tailored to specific markets, among them the US, Europe and China. Volvo said three of them will be revealed in 2027: one aimed at Europe and two destined for China.

Volvo called the new EV a "global BEV car, which targets a large, lower priced market segment" in Europe. First customer deliveries are due to begin after next summer. The company gave no further details, but the car is suspected to be a successor to the current EX40. It said the EX60 has been "a big success," with more than 50,000 orders in Europe so far.

The SPA3 platform can underpin vehicles ranging from sedans and compact SUVs such as the EX30 to the three-row EX90. Because the new model is meant for the mass market, it will likely be an SUV.

Whether the car will reach the US remains unclear. Volvo called it a "global" vehicle but also said it targets Europe's lower-priced segment. Earlier this year, Luis Rezende, president of Volvo Cars America, told reporters at a media roundtable, as reported by TheVerge, that the company was preparing a new EV for 2027 to replace the EX30 as its entry-level electric car. He said prices would be "very similar" to the EX30's, though perhaps not as low.

Volvo had originally said a lower-priced Single Motor EX30 would go on sale in the US in late 2025 from $34,950. It later backtracked and dropped the electric SUV from its US lineup altogether.

An Automotive News report said Volvo will launch a new electric crossover SUV by the end of 2027, starting at under $50,000. The model is expected to be sold as the EX50, a taller and longer vehicle than the current EX40. Volvo filed a trademark for the EX50 name with the European Union Intellectual Property Office in July; the filing confirmed the vehicle will be electric but offered few other details.

In the meantime, Volvo is fast-tracking production of its first long-range plug-in hybrid versions of the XC90 and XC60. First customer deliveries are set to begin this year in Europe, with the US following shortly after.

Volvo will start building the XC60 in Charleston in the first quarter of 2027. By the end of 2030, it plans to begin production of a "second, all-new car with multiple powertrain options," the company said.