2024 was Volvo’s second consecutive year of record sales after delivering 763,389 cars, or 8% more than the year before. Despite a solid result, the Geely-owned brand is bracing for a “turbulent 2025 due to challenging market conditions.” To stay competitive, it’s putting the finishing touches on an updated lineup, including refreshed products and additions to the portfolio.
During the conference following the full-year report, Volvo President and CEO Jim Rowan discussed what lies ahead. The EX30 Cross Country, a rugged derivative of the company’s smallest electric crossover, will arrive on February 10. More importantly, the Swedes are releasing their first electric sedan, the ES90, this year. Additionally, a plug-in hybrid with a long electric range is earmarked for China, while two existing models will undergo a refresh.
Photo by: Volvo
The EX60 won’t go on sale this year, but prototypes will be built and tested in 2025. It’ll hit the market in 2026 as the brand’s first electric model underpinned by the SPA3 platform, enabling the luxury brand to achieve a “significant reduction on cost.” Whether that means lower prices for consumers remains to be seen, but Volvo does pledge to deliver “customer benefits and new technology developments.”
Rowan claims the new EX60 will be a “game changer” for the brand, with two additional SPA3-based models already in the works. However, Volvo won’t exclusively focus on EVs. It has already abandoned plans to go entirely electric by 2030. Instead, it wants plug-in hybrid and electric models to account for 90-100% of sales. During the conference, the firm’s CEO said mild-hybrid cars are still on the menu for the years to come.
A spokesperson recently said the XC90 with gas engines will continue for as long as there’s demand. The large gas SUV, which turns 10 this year, underwent a second facelift in 2024 and is here to stay for the long haul. Although it’s not giving up on ICE, the company still sees a bright future for EVs, encouraged by its strong 2024 results.
Sales of zero-emission cars increased by 54% to 175,194 units or 23% of total deliveries. Volvo is happy to report that EVs had the highest market share among traditional luxury automakers. Taking plug-in hybrids into account, cars with a charging port (PHEVs+EVs) accounted for 46% of total shipments last year.
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