Volvo poised for an EV breakout with largest brand overhaul since being bought out

Volvo is due for its biggest brand overhaul since being bought out by China’s Zhejiang Geely Holding Group, or Geely for short. With plans to convert its entire base of vehicles to electric, Volvo is primed for an EV breakout over the next several years.

Volvo gears up for an EV breakout

In January, Electrek reported Volvo is set to release its first electric minivan after a slide presentation highlighting the automaker’s electric progress revealed the plans.

The electric van will reportedly be based on the Zeekr 009, featuring over 500 miles range and a starting price tag of around $80,000. Zeekr is another Geely-owned EV brand, along with Volvo and Polestar, that share technology like electric vehicle platforms.

The slide show showed six Volvo EVs, including its current models, the XC40 and C40 Recharge.

In addition to the EVs already out, the slideshow revealed by Volvo’s president of Greater China, Qin Peiji, included the EX90 set to hit showrooms early next year. Touted as the “safest vehicle it has ever produced,” the EX90 is designed to represent Volvo’s future of safety, technology sustainability, and design.

Other EV models set to be released included a premium EX90 “Excellence model” along with its smallest and cheapest electric SUV due out this summer. However, a new report from Reuters claims Volvo is gearing up for a more extensive brand overhaul than previously expected.

According to two people familiar with the matter, Volvo is preparing for an EV breakout, converting its entire base of models to electric. The plans are to convert three crossover/SUVs based on Volvo’s existing lineup, including the following:

  • XC90
  • XC60
  • XC40
  • S60
  • S90

The move comes as Volvo looks to boost sales in Asia, where it believes it has a good chance of gaining market share, according to the sources.

Volvo has already announced its intentions to only sell electric cars by 2030, phasing out internal combustion engine models (including hybrids) entirely as it works toward building a sustainable future.

Electrek’s Take

Volvo’s share of fully electric vehicle sales reached 10.9% in 2022, up from 3.7%. Although it may not seem like much, when compared to other major automakers claiming to be all in on EVs like GM, which had less than a 2% share, it’s telling in which direction the company is moving.

As Volvo prepares for its biggest brand overhaul since 2010 with several promising electric models on deck, watch for the company to continue building momentum the year.

Volvo’s makeover will focus on emerging consumer trends while still incorporating the brand’s established safety features and unique design.

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