Volvo’s new small electric SUV undercuts Tesla
The Swedish automaker’s new wheels give a new meaning to sticker shock.
Tesla CEO and social media troublemaker Elon Musk has been promising his loyal fans that he has been planning to release an “affordable” electric car for years, however not much that is entirely material has come to fruition just yet.
As established automakers from Toyota (TOYOF) - Get Free Report, and Honda (HMC) - Get Free Report, to luxury brands like BMW (BMWYY) - Get Free Report and Mercedes-Benz (DDAIF) - Get Free Report come in to chip at Tesla’s market share with their own electric cars, Volvo (VLVOF) - Get Free Report has stepped further into the ring to box against the champ.
Related: Nissan reveals new electric vehicle to compete with Tesla
The Swedish titan known for innovation and safety has has a goal of making its range of cars all-electric by 2030. Their latest offering takes one step further towards achieving their goal, while providing an EVs that is more affordable for the everyday consumer.
Volvo's cheap, small electric SUV
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Pricing for the newest offering from Volvo; the 2025 EX30, has been revealed, and it will start at $36,245 before incentives, making it the cheapest car in Volvo’s lineup.
In comparison, pricing for the Tesla (TSLA) - Get Free Report Model 3 and Model Y starts at $40,240 and $43,990, respectively before incentives.
In its standard trim level called Core, the compact Volvo has a single motor driving the rear wheels making 268 horsepower and getting an EPA-estimated 275 miles of range. Bump up to the Plus at $40,195 and you get extras such as a Harman Kardon sound system and 19-inch wheels, while the top trim Ultra gives you Volvos’s Pilot Assist system and a 360 degree camera, but will run you back $41,895.
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For those looking for more power and traction, cars with the Plus and Ultra trim can be configured to have a dual motor setup making 442 horsepower; albeit with a reduced range of 265 miles. Volvo says that the dual-motor EX30 models can go 0-60 in an earth-shattering 3.4 seconds, making the $46,195 compact SUV accelerate faster than a Porsche 911 that costs more double the price.
According to Volvo, customers who have already placed a deposit for an EX30 can begin to configure and pre-order their car later in the fall. Cars are expected to hit showroom floors during the first quarter of 2024.
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