This model will be built in China on the new SEA platform developed by Geely.
The EX30 will be offered on a subscription basis with a minimum three months commitment.
Volvo wants to target Gen Z buyers as young as 18 – 19 years old.
Rumours immediately started calling this model EX30, in line with the automaker’s new naming structure, and the brand’s CEO has now confirmed this name.
According to him, the EX30 will be manufactured in China and it will use the new Sustainable Experience Architecture (SEA) platform developed by Geely.
This could make the EX30 cheaper to build and thus more affordable than the XC40 Recharge, which is currently the entry-level EV in the Volvo lineup starting at $59,950 in Canada.
A lower price and a new business model could be a way for Volvo to reach a new target audience with this model.
Indeed, the company says it wants to target Gen Z buyers, perhaps as young as 18 or 19 years old, who are looking for their first vehicle.
To do so, Volvo will offer the EX30 on a subscription basis that includes the price of the vehicle, insurance, and roadside assistance for a single monthly fee. Unlike a traditional lease agreement, the terms of the subscription will be more flexible, with a minimum commitment of only three months.
Interestingly, Rowan also said during the same interview that Volvo and Geely will not develop a battery-swapping technology similar to what Nio is doing in China, citing safety concerns.
The Volvo EX30 will be the next model launched by the brand, its unveiling scheduled for sometime in 2023.