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Volvo teases its next wave of new models including EVs and PHEVs

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Volvo may have softened its electric vehicle (EV) target, but it still has fresh EVs in the works alongside new plug-in hybrids and updated versions of its existing vehicles.

In its full-year 2024 financial results presentation, it teased five upcoming models. Two of these have already been teased previously: the ES90 electric sedan riding the EX90’s SPA2 platform; and the EX60 electric SUV that’ll debut the new SPA3 platform next year.

However, Volvo also teased an additional two models on the SPA3 platform, plus a long-range plug-in hybrid (PHEV) on an unspecified platform which is being developed for China.

It’s unclear what shape these vehicles will take.

Volvo says that this year it plans to launch five brand new or refreshed products, with its CEO Jim Rowan noting “they’ll all be in play by the second half of the year or certainly by the end of the third quarter”.

He also confirmed another five new or refreshed models are due in 2026.

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Much like the XC90, existing Volvo products will receive upgrades to extend their lifecycles.

In its latest earnings call, Volvo confirmed two existing vehicles will receive similar design and tech upgrades this year, though it didn’t say which.

Beyond the XC90 and its EVs, Volvo also offers the XC40, XC60, S60/V60, and S90/V90.

Vehicles on the existing CMA and SPA platforms will therefore be sold alongside newer SPA2 and SPA3-based vehicles, though Volvo has confirmed the “100 per cent EV” SPA3 platform has been designed “to scale across the entire bandwidth of Volvo Cars products” suggesting it’ll eventually underpin all Volvo models.

That’s in contrast with the EX90 and ES90’s SPA2 platform, which the company says “was only ever meant to do a few flagship products”.

  • ES90

SPA3 vehicles will feature cell-to-body technology, with the battery serving as a structural component of the car, as well as more efficient battery packs that’ll cost 25 per cent less to produce; next-generation electric motors will also yield 40 per cent cost reductions.

Volvo is also investing in mega casting, where more than 100 components can be replaced with one single cast in a move that Volvo says will reduce direct cost by 35 per cent while reducing manufacturing complexity.

The company has at least one more model coming on SPA2: the ES90, its first electric sedan, which will be revealed in March and is due in Australia late in 2025.

The SPA3-based EX60, an electric counterpart to the XC60, will be produced in Sweden and will launch in 2026.

  • EX90

Volvo announced in September 2024 it no longer planned to become an EV-only brand by 2030, and will instead aim for 90-100 per cent of the vehicles it sells to be electrified by 2030. This includes both EVs and PHEVs.

The company sold a record 763,389 vehicles globally in 2024, up eight per cent on the year before. It also reported its best year ever for revenues and core operating profit.

It expects EVs and PHEVs combined to account for 50-60 per cent of its global sales this year.

Last year, these vehicles accounted for 46 per cent of its total global sales. Of this, 175,194 were EVs and 177,593 were PHEVs.

The recently introduced EX30 was Volvo’s fourth best-selling model, behind the XC60, XC40 and XC90.

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