- Volvo’s new entry-level EV will be a huge upgrade over the EX30 and EX40.
- The EX50 will ride on the SPA3 platform and be similar in size to the Tesla Model Y.
- It will head to the U.S. in limited numbers initially.
Volvo is reportedly preparing a new electric crossover to replace the aging EX40 and compete in the hotly contested compact electric SUV segment dominated by the Tesla Model Y.
The new model will be called the EX50 and is expected to arrive in the U.S. by the end of 2027 with a starting price in the high $40,000 range, Automotive News reported Monday, citing people familiar with the plans.
The EX50 would also become Volvo’s new entry-level EV as the EX30 will be phased out after the 2026 model year. It would come in at roughly $10,000 less the new EX60 midsize crossover, which is shipping in the U.S. later this year. A Volvo spokesperson declined to comment to the outlet on future products, but said EVs are “where we see the market growing.”
The Swedish automaker, majority owned by China’s Geely Group, has been facing growing challenges over the past year. The Trump administration’s tariffs and policy changes have hurt its U.S. business. At the same time, it’s competing with burgeoning Chinese automakers in Europe and elsewhere.
Volvo has rolled back some of its ambitious goals of becoming an all-EV brand by the end of the decade. But it still considers EVs as an important part of its product mix, even as many legacy automakers in the U.S. have dialed back their EV efforts.
According to the report, the EX50 will ride on Volvo’s new software-defined SPA3 architecture, the same platform that underpins the EX60. That’s encouraging because early reviews of the EX60 have been overwhelmingly positive, including from InsideEVs. Volvo is increasing production at its Torslanda, Sweden, plant to meet stronger-than-expected demand.
Photo by: Mack Hogan/InsideEVs
The new platform also represents a significant step forward from SPA2, which underpins the EX90. Volvo’s flagship electric SUV has been plagued by software glitches and infotainment issues since launch, although the automaker has been trying to fix those bugs. Volvo says those lessons have informed the development of SPA3.
The benefits of the new architecture should extend beyond software. While no specs have been announced, if the EX60 is anything to go by the EX50 should offer substantially faster charging than the EX30 and EX40, along with improved interior packaging and greater efficiency.
In terms of size, the EX50 will reportedly slot alongside mainstream electric crossovers such as the Hyundai Ioniq 5 and Ford Mustang Mach-E. It would also compete with entry-level luxury EVs including the Cadillac Optiq and the upcoming Mercedes-Benz GLA EV. Production will reportedly take place at Volvo’s new factory in Kosice, Slovakia.
Contact the author: suvrat.kothari@insideevs.com