Last year was Volvo’s second consecutive year of record sales, with 763,389 vehicles delivered, an 8% increase over the previous year. Despite this strong performance, the Geely-owned brand anticipates a “turbulent 2025 due to challenging market conditions.” To remain competitive, it is finalizing an upgraded lineup with revised items and portfolio expansions.
During the press conference following the full-year report, Volvo President and CEO Jim Rowan outlined what lies ahead. The EX30 Cross Country, a robust version of the company’s smallest electric crossover, will be available on February 10. More crucially, the Swedes will release their first electric sedan, the ES90, this year. A plug-in hybrid with a long electric range is also planned for China, and two existing versions will undergo refresh.
The EX60 will not be on sale this year, but prototypes will be developed and tested in 2025. It will be available in 2026 as the brand’s first electric vehicle based on the SPA3 platform, allowing the luxury brand to achieve a “significant reduction in cost.” It is unclear whether this would result in lower consumer prices, but Volvo has pledged to provide “customer benefits and new technology developments.”
Rowan claims the new EX60 will be a “game changer” for the company, and two more SPA3-based versions are currently in development. However, Volvo will not solely concentrate on EVs. It has already abandoned aspirations to become completely electrified by 2030. Instead, it envisions plug-in hybrid and electric vehicles accounting for 90-100 percent of sales. During the conference, the firm’s CEO stated that mild-hybrid vehicles will continue to be offered in the coming years.
A representative recently stated that the XC90 with gas engines would be available as long as there is demand. The huge gas SUV, which turns ten this year, received a second redesign in 2024 and is set to stay for the long run.
Sales of zero-emission vehicles climbed by 54%, reaching 175,194 units, or 23% of total sales. Volvo is pleased to inform that EVs held the largest market share among traditional premium automakers. Including plug-in hybrids, automobiles with a charging port (PHEVs+EVs) accounted for 46% of total shipments last year.
