Volvo, despite revising its all-electric target, continues to invest in electric vehicle development. The company revealed five upcoming models, including two previously teased EVs, the ES90 and EX60, along with three new models on the SPA3 platform. Volvo also confirmed plans for a long-range plug-in hybrid, exclusively for the Chinese market. Existing Volvo models will receive upgrades to extend their lifespan, while the company shifts its focus towards electrification with a target of 90-100% electrified vehicles by 2030.
Volvo may have adjusted its electric vehicle (EV) target, but it continues to develop new EVs, along with plug-in hybrids and updated versions of existing models. During its full-year 2024 financial results presentation, Volvo provided a glimpse of five upcoming models. Two of these, the ES90 electric sedan built on the EX90’s SPA2 platform and the EX60 electric SUV, set to debut the new SPA3 platform in 2025, were previously teased.
However, Volvo also unveiled two additional models based on the SPA3 platform and a long-range plug-in hybrid (PHEV) on an unspecified platform, designed specifically for the Chinese market. The exact form these vehicles will take remains unclear. Volvo stated its intention to launch five brand-new or refreshed products this year, with CEO Jim Rowan emphasizing that “they’ll all be in play by the second half of the year or certainly by the end of the third quarter”. He also confirmed the arrival of another five new or refreshed models in 2026.Similar to the XC90, existing Volvo models will receive upgrades to extend their lifespan. During its latest earnings call, Volvo confirmed two existing vehicles will undergo similar design and technology enhancements this year, although it withheld their identities. Besides the XC90 and its EVs, Volvo offers a lineup including the XC40, XC60, S60/V60, and S90/V90. Vehicles currently built on the existing CMA and SPA platforms will be sold alongside newer SPA2 and SPA3-based models. However, Volvo has stated that the “100 per cent EV” SPA3 platform has been designed “to scale across the entire bandwidth of Volvo Cars products”, suggesting it will eventually underpin all Volvo models. This contrasts with the EX90 and ES90’s SPA2 platform, which the company emphasizes “was only ever meant to do a few flagship products”.SPA3 vehicles will feature cell-to-body technology, integrating the battery as a structural component of the car. They will also incorporate more efficient battery packs, projected to cost 25 percent less to produce. Next-generation electric motors will contribute to a further 40 percent cost reduction. Volvo is also investing in mega casting, a process that replaces over 100 individual components with a single cast. This strategy aims to reduce direct costs by 35 percent while streamlining manufacturing complexity. Volvo has at least one more model in the pipeline based on the SPA2 platform: the ES90, its inaugural electric sedan, scheduled for unveiling in March and anticipated to arrive in Australia late in 2025. The SPA3-based EX60, the electric counterpart to the XC60, will be manufactured in Sweden and launched in 2026. Volvo announced in September 2024 that it was revising its target to become an EV-only brand by 2030, shifting its focus to achieving 90-100 percent electrification of its vehicle sales by that year, encompassing both EVs and PHEVs. The company achieved a record 763,389 vehicle sales globally in 2024, representing an eight percent increase from the previous year. It also reported its highest-ever revenue and core operating profit. The company anticipates that EVs and PHEVs combined will account for 50-60 percent of its global sales this year, compared to 46 percent last year. Of these sales, 175,194 were EVs and 177,593 were PHEVs. The recently introduced EX30 emerged as Volvo’s fourth best-selling model, trailing behind the XC60, XC40, and XC90
ELECTRIC VEHICLES VOLVO SPA3 PLATFORM PLUG-IN HYBRIDS MODEL LAUNCHES AUTOMOTIVE INDUSTRY
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