Volvo Is Working On Affordable New EV To Replace The EX30

Just a couple of months after Volvo said it was killing off its baby EX30 electric SUV in the US after the 2026 model year, the Swedish automaker says it’s already working on a new model to replace it.

The existence of this new model was revealed by Volvo Cars America president Luis Rezende while speaking to media members at the US launch of the larger EX60. While Rezende didn’t provide all that many details about the model, he said it will be priced similarly to the EX30. Originally, the EX30 was supposed to start at $34,950 in the US, but tariffs forced Volvo to increase its price by roughly $10,000.

Read: After Just Two Years, Volvo Drops Its Cheapest EV From America

“Very similar, I would say,” Rezende said when commenting about the new model’s price compared to the EX30. “It’s going to be an EV that will deliver a lot of good things in a bigger space, but it will also be fun to drive, I can promise you.”

Rezende failed to provide specifics, The Verge reports, but it’s possible he’s referring to the next-generation EX40, which we know is in the works and will share its SPA3 platform with the EX60. His statement that the new model will provide “a bigger space” than the EX30 suggests it will be larger, as the next-gen EX40 will be.

What Will It Cost?

Pricing will be key. The current EX40 starts at around $56,000, which only makes it slightly cheaper than the all-new EX60. Volvo will have to slash costs significantly if it wants the future EX40 to be priced around the same mark as the EX30. Either that, or it’ll have to be a stripped-out, back-to-basics model like the base versions of the Tesla Model 3 and Model Y. Alternatively, it could be an all-new model that we don’t yet know about.

Rezende revealed that the new model will launch in the US next year, so its development must have been underway for quite some time.