Volvo expects a momentum shift in the US, with two new electric SUVs hitting the market. Volvo will launch its three-row EX90, followed by the smaller, more affordable EX30. Can Volvo’s new electric SUVs help revamp EV sales in the US? The brand expects big results. Here’s why.
Volvo expects new electric SUVs to drive US EV sales
Although Volvo delayed the launch of both models, they are finally about to hit the US market.
Volvo’s flagship EX90 is scheduled to arrive at US dealerships later this year, while the EX30 will follow in the second half of 2025.
Volvo’s electric SUVs are hitting the market at a critical time. According to Cox Automotive, Volvo’s US electric vehicle sales slipped 72% in the first half of 2024. Volvo has only sold 2,109 C40 and XC40 Recharge models, compared to over 7,600 last year.
As a result, Volvo’s share of the US EV market fell from 0.4% last year to 0.3% through June 2024. Volvo Cars US President Michael Cottone believes things will turn around quickly with its next-gen EVs rolling out.
The EX90, Volvo’s three-row electric SUV, “is the first car that we will have launched and developed outside of Europe in our company’s almost 100-year history,” Cottone said at a media event this week (via Automotive News).
Volvo’s flagship EV “was designed for the U.S. market and then built in the U.S. market,” according to Cottone.
Built in the US, for the US
With the seven-seat crossover segment being a growth engine for the Swedish automaker in the US, the EX90 is expected to play a key role in revamping EV sales.
The XC90, Volvo’s gas-powered three-row SUV, was its top-selling vehicle in 2023, representing almost a third of sales. “We are offering another car to another subset of consumers that we don’t have today,” Volvo’s US boss said.
With an electric option, Volvo expects the EX90 to draw more buyers into showrooms. One Volvo dealer, Mathew Haiken, said the EX90 had the XC90-like DNA, which “has become a classic like the Range Rover or Porsche 911.”
“The EX90 is the antithesis of the Tesla Model X,” Haiken explained in terms of design. He added, “Most EVs look like computers on wheels.”
Volvo’s first EX90 rolled off the production line in South Carolina in June ahead of deliveries later this year.
Although Volvo announced the EX90 would start at $77,990, it was forced to raise prices after the US increased tariffs on the electric SUV’s CATL-made battery. The EX90 now starts at $81,290, including destination.
The EX30, Volvo’s smallest and cheapest EV, will arrive in the US in the second half of 2025. It will start at $34,950 as one of the most affordable EVs in the US.
Electrek’s Take
There is light at the end of the tunnel for Volvo. The EX90 is hitting the sweet spot of the US market. While Ford canceled its three-row electric SUV, foreign rivals continue seeing demand for the larger models.
For example, Kia sold nearly 11,500 EV9 models, its first three-row electric SUV, in the US through July. Kia is also producing EV9 models in the US as it looks to establish itself as a leader in the massive North American auto market.
Meanwhile, Volvo’s EX30 is already a top seller in Europe. According to new data from Jato Dynamics, the EX30 was the second-best-selling EV in Europe last month. With 6,573 registrations, Volvo’s EX30 trailed only Tesla’s Model Y (9,544).
With the new model, Volvo was the market share winner in Europe in July, gaining 5.5%. BMW was second and topped Tesla for the first time in total EV sales in Europe.
Will the EX30 have the same impact in the US? With two new electric SUVs rolling out, Volvo expects EV sales to turn around quickly.
FTC: We use income earning auto affiliate links. More.
