Volvo has offered a sneak peek at its upcoming product roadmap, revealing a flurry of new models, including electric vehicles (EVs), plug-in hybrids (PHEVs), and refreshed versions of its existing lineup. While the Swedish automaker has adjusted its EV-only target, it remains committed to electrification and innovation across its entire range.
Five New Models Coming Soon
During its full-year 2024 financial results presentation, Volvo teased five upcoming models. Two of these had been previously hinted at: the ES90 electric sedan, built on the EX90's SPA2 platform, and the EX60 electric SUV, which will debut the new SPA3 platform in 2026.Volvo also teased an additional two models on the SPA3 platform, plus a long-range plug-in hybrid (PHEV) developed for the Chinese market, although the specific body styles and details of these vehicles remain undisclosed.
Volvo CEO Jim Rowan confirmed that five brand new or refreshed products are slated to launch this year, with all models expected to be in play by the second half of the year, or certainly by the end of the third quarter. Another five new or refreshed models are planned for 2026.
SPA3 Platform: A Versatile Foundation
Volvo highlighted the versatility of its new SPA3 platform, stating that it has been designed "to scale across the entire bandwidth of Volvo Cars products," hinting that it will eventually underpin all Volvo models.
This is in contrast to the EX90 and ES90's SPA2 platform, which is intended for a limited number of flagship vehicles.SPA3-based vehicles will feature cell-to-body technology, where the battery serves as a structural component of the car. These vehicles will also incorporate more efficient battery packs, projected to cost 25 percent less to produce, and next-generation electric motors that will yield 40 percent cost reductions.
Investing in Mega Casting
Volvo is also investing in mega casting, a manufacturing technique that replaces over 100 individual components with a single cast, reducing direct costs by 35 percent and streamlining the manufacturing process.
Key Models on the Horizon
The ES90 electric sedan, Volvo's first electric sedan, is slated for a March reveal and an Australian launch in late 2025. The SPA3-based EX60, an electric counterpart to the popular XC60 SUV, will be produced in Sweden and will launch in 2026.
A Shift in Electrification Strategy
In September 2024, Volvo announced a change in its electrification strategy, revising its goal to become an EV-only brand by 2030. Instead, the company will aim for 90-100 percent of its sales to be electrified by 2030, encompassing both EVs and PHEVs.Volvo achieved record sales in 2024, delivering 763,389 vehicles globally, an eight percent increase compared to the previous year.
The company also reported record revenues and core operating profit. Volvo anticipates that EVs and PHEVs combined will account for 50-60 percent of its global sales this year, building on the 46 percent share achieved last year, which included 175,194 EVs and 177,593 PHEVs.The EX30 was Volvo's fourth best-selling model last year, trailing only the XC60, XC40, and XC90
