Volvo just launched its first entry-level electric car, and the Chinese-owned car maker surprises with a price that sets a benchmark for customers and competitors alike. The Volvo EX30 was highly anticipated and revealed in full (small) size today, with the UK being the first online launch market.
As Volvo CEO Jim Rowan confirmed to journalists last December, the Volvo EX30 is on schedule with today’s launch made public on YouTube. In a pre-recorded yet rather funky clip, Rowan repeated variations of how small can make a big difference or how small changes can have a huge impact.
Still, one of the biggest questions (not answered in the video but in a later press release) was just how small the new Volvo EV would be – both in size and low price, and of course, which specifications the Geely brand would opt for.
Naturally, Volvo is not openly venturing too far into small car territory and instead dubs the EX30 an E-SUV, however compact. Style references were previously made to the Mercedes EQA and DS 3 Crossback E-Tense; besides, the EX30 succeeds the XC40 Recharge as Volvo’s entry model. While the C40 measures 4.44 metres, and the Smart #1, which the EX30 shares a platform with, comes down to 4.27 metres, the Volvo EX30 is even smaller: 4,23 in length but 1.55 metres high for this SUV feel and 1.83 metres wide.
As announced, Volvo has opted to base the EX30 on Geely’s SEA platform, which underpins the Smart #1 and Zeekr 001. Specifically, Volvo utilises the SEA-E (E for Entry) version. Any SEA vehicle such as the Smart e-drive has an output of 200 kW; the 66 kWh battery provides a WLTP range of up to 440 kilometres and can be charged from ten to 80 per cent in just under 30 minutes at a 150 kW fast charger. In an all-wheel-drive version (like the Brabus Smart #1), the electric motor on the rear axle is joined by another unit at the front, raising the system output to over 400 hp.
However, Volvo envisions three versions comprising two different motor setups and two batteries, with Rowan saying, “One size doesn’t fit all,” while also mentioning two battery chemistries, depending on the use cases.
The latter are described as city driving with shorter distances between charges, for which Volvo recommends the single-motor option at the rear-axle with an LFP battery – a first in a Volvo. The LFP battery comes from the Chinese supplier CATL, and the motor provides 272 hp and a maximum torque of 343 Newton metres. The battery holds 49 kWh (net) for 344 km.
Secondly, the Single Motor Extended Range variant comes with an NMC battery for a range of up to 480 km between charges.
“Finally, if performance is your priority, pick the Twin Motor Performance variant in which we pair the NMC battery with an additional second e-motor,” writes Volvo. This all-wheel drive variant of the EX30 provides 315kW (428hp) and accelerates from 0-100 km/h in 3.6 seconds – “it’s officially our fastest-accelerating car ever!” The range of the 64 kWh (net) battery is 480 km.
Volvo EX30 as a volume car
As Rowan indicated last December, the Volvo EX30 has a major role in the company’s growth strategy. By 2025, Volvo targets to sell 1.2 million vehicles globally, up from 700,000 in 2021, so the company must grow 70 per cent in four years. Such volumes, while likely set by the Chinese Volvo owner Geely, can, of course, be achieved primarily with cheaper models and those made in China.
Since Volvo’s own plants in Europe are already well utilised and the ‘Sustainable Experience Architecture’, or SEA for short, is a Chinese development, the EX30 will roll off the lines in Chengdu, Daqing and Taizhou. Capacities have not been disclosed today but expect them to be substantial. After all, Volvo expects the EX30 to become the brand’s best-selling model within a few years.
Which brings us to the price. With reservations opening in “select markets” today, Volvo had to go public, and the base model will start from €36,590 – which is remarkable for a Volvo car and certainly set to make waves in the current market. The Performance AWD starts at €48,490; the single engine with the larger battery starts from €41,790.
Volvo itself said it based the price on analysis in two unnamed markets and that it resulted in the total cost of ownership being currently lower than any other fully electric Volvo car and well ahead of much of the competition in the electric, small SUV segment.
Indeed, the Model 3 starts from £42,000 or €41,990 since Tesla lowered the prices in Europe this April; the Smart #1 from £35,595 in the UK or €41,490 in Europe. Also, set this against the Volvo XC40 Recharge starting from £48,355 or £584.83/month as a lease.
“We know that price and cost of ownership are still one of the biggest challenges when people consider switching to an electric car,” said CEO Rowan.
This is a fact many in the industry are aware of, including Volkswagen – the company in March announced the “electric Golf” that is the VW ID.2 will start at less than €25,000 when it launches in 2025. And the carmaker allegedly has plans for an even cheaper EV, currently referred to as the ID.1, which could launch in 2027 for less than €20,000.
Still, Volvo is not Volkswagen and had to find other ways to lower the price or to make the EX30 more affordable, and users may access the Volvo EX30 through either “outright” ownership, leasing or subscription.
The latter confirmed previous reports when Volvo said it was well aware that several 10,000 euros for a new car are “per se a deterrent”, as the CEO put it. “With the subscription model, it is more possible to appeal to younger customers,” said Rowan today.
As for the monthly instalment, previous estimates ranged around 600 to 700 euros, and Volvo stayed within the range. EX30 subscriptions start at €599, said Björn Annwall, chief commercial officer and deputy CEO. He added they “strongly believe this car will be an attractive choice for many customers – not just for our existing customers but also those new to the Volvo brand”.
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Again, this was a hope previously laid out. In fact, the Geely brand hopes to attract first-time buyers, with the entry age expected to drop by ten years. In the comments online, some said it would indeed be their first car.
The company today also confirmed it was not launching a battery exchange system (or battery rentals) to lower the vehicle price. Since the battery pack plays a significant role in a crash, Volvo – known for its safety values – does not want to take any risks and said battery swapping posed too much risk.
Inside the Volvo EX30
Inside, the Volvo EX30 is reminiscent of the EX90, showing similar seats and a free-standing touchscreen. A steering column lever serves for steering. All four windows can be controlled by just two switches; a “Rear” button switches the control panel to activate the rear windows.
CEO Rowan also more than once mentioned a long speaker “filling the entire car with sound”. This note on ambience is enhanced by changing interior lights and sounds from nature, so Volvo.
As for design options, the company refers to four “rooms” made from a mix of natural and recovered materials, including denim fibres from recycled jeans.
Regarding boot capacity, the EX30 shows its small car heritage as the cargo space is just 318 litres (with the rear seat back in the upright position) and a maximum of 904 litres. There is also frunk, however, mostly reserved for the charging cable.
The United Kingdom is the first market to switch to a fully integrated online/physical, direct-to-consumer model this year, informs the company.
The Volvo EX30 has also become available for order online across Europe and other selected markets – yet to be listed. In the United States, customers can place pre-orders, while order books will open in other markets at a later stage that will be communicated in due course, so Volvo.
As previously reported, Volvo intends to electrify its entire lineup by 2030.
Keyword: Volvo EX30 launch sees Volvo tuning into new price segments