Volvo Confirms Lower-Priced SPA3 Electric Vehicle for 2027

Volvo is preparing to launch a new, lower-priced electric vehicle in 2027 built on its SPA3 platform. The announcement was made during Volvo’s third-quarter earnings presentation, where the company outlined plans to reveal three new vehicles in 2027 as part of a product offensive bringing 13 new cars through the end of 2030.

One of these vehicles is designated for Europe, while two are heading to China. The upcoming EV will follow the EX60 as the second vehicle to utilize the SPA3 architecture, targeting a large, lower-priced market segment as a global BEV.

Customer deliveries are set to begin after next summer. While further official details were limited, the model is suspected to be the successor to the current EX40, and is expected to take the form of an SUV given the platform’s versatility supporting everything from sedans to the three-row EX90.

Regarding the US market, Luis Rezende, president of Volvo Cars America, indicated earlier this year that a new EV is slated for 2027 to replace the EX30 as the brand’s entry-level electric offering. Although not as cheap as the canceled $34,950 EX30, Rezende noted pricing would be very similar.

An Automotive News report suggests the new electric crossover SUV will debut by the end of 2027 with a starting price under $50,000, potentially arriving as the EX50 following a July trademark filing with the European Union Intellectual Property Office. Meanwhile, Volvo is fast-tracking production of long-range plug-in hybrid versions of the XC90 and XC60, with European deliveries starting this year and US deliveries following shortly after.

Production of the XC60 in Charleston will begin in Q1 2027, with a second all-new car featuring multiple powertrain options slated for production by the end of 2030.