In March of next year, Volvo will unveil a second all-electric vehicle and share further details of its electrification strategy.
Recall that in 2019, Volvo mentioned that it would launch a new all-electric model every year until 2025. The manufacturer set a target of having half of its worldwide sales consist of EVs by then.
Volvo revealed that the model to be rolled out in the spring will share the foundation of its first all-electric vehicle, the XC40 Recharge SUV. Known as CMA (Compact Module Architecture), this modular platform will be able to serve several other models in the years to come.
Asked about the new model, Volvo CEO Hakan Samuelsson told the European division of Automotive News that it will have a "more streamlined body" than the XC40 Recharge.
Hakan Samuelsson said the new model would not be a replacement for the compact V40. If it were, it would be positioned below the XC40 Recharge in the range and would necessarily be priced lower. “For Volvo to be profitable,” he added, “we need to focus on higher price, more premium car segments”.
We’ll find out soon enough what Volvo has in mind for 2021, but we already know that the pace of electrification is sure to pick up at Volvo. Hakan Samuelsson said in early December that he expects Volvo to become an all-electric brand within the next ten years, so by 2030.
Already, the brand has established a separate premium all-electric division, Polestar.
This year, Volvo aims to have 20 percent of its worldwide sales consist electrified models. The majority of these will be plug-in hybrids, as the all-electric XC40 Recharge is still in its infancy.
Stay tuned for more details early next spring.