Wednesday, May 29, 2024
NewsVolvo is Planning its Largest Revamp in Over 10 years

Volvo is Planning its Largest Revamp in Over 10 years

Volvo will shift its business towards EVs and Asia over the course of the current decade with six new models by 2026.

  • The company wants to add at least six electric vehicles by 2026.

  • New electric versions of the S60, S90, XC40, XC60 and XC90 are planned.

  • New models will be designed with the goal of improving sales in Asia.

Volvo is planning to completely revamp its product lineup over the current decade, the largest such endeavour it has undertaken since being bought by Geely in 2010.

The Swedish automaker wants to offer an electrified version of most of its current models by 2026, which is why it wants to launch at least six new EVs by then.

As of now, electric versions of the XC40, XC60, XC90, S60, and S90 are planned, which could spell the end for the V60 and the V90 wagons.

In addition to these vehicles, Volvo has already confirmed it is working on the EX30, a very small crossover that will be positioned below the XC40 Recharge in terms of size and cost and will target younger buyers with a short-term subscription leasing plan with a mandatory commitment of only 3 months.

According to sources who spoke with Reuters, Geely will use Volvo to target wealthy Asian buyers, which is why the upcoming electric sedans will be designed and engineered in China, at the company’s research and development hub that recently tripled its design staff to employ around 60 people.

Another vehicle that will be engineered at the Shanghai hub will be a new electric minivan, the first of its kind for Volvo.

This model will be a more luxurious version of the Zeekr 009, a three-row premium minivan that sells for around $74,000 USD in China.

Unlike other future Volvo models that should retain the company’s traditional design cues, the minivan is said to adopt a more “emotional” design to appeal to Asian buyers, who often use these luxurious minivans to ferry dignitaries and VIPs instead of limousines and stretched sedans.

This model is unlikely to be offered in North America since the minivan market is much less competitive here.

Another change to have been implemented recently at Volvo is that the company’s entire gasoline and hybrid powertrain operation was sold to Geely, which now oversees it in a joint venture with Renault.

The recently unveiled EX90 is the first product to come from this revamped business plan and it will arrive on sale in North America in 2024.

Source: Reuters via Auto News Europe

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