Volvo is launching a ‘lower-priced’ EV in 2027 based on its SPA3 platform

The new EV will follow the EX60 as the second vehicle based on Volvo’s SPA3 platform, positioned as a smaller, more affordable option.

📌 The Core Development

As part of Volvo’s largest product offensive, the company plans to launch 13 new cars through the end of 2030.

All new vehicles will be tailored to specific markets, including the US, Europe, and China. Volvo announced during its third-quarter earnings on Friday that it will reveal three of the new vehicles in 2027.

🔍 Background & Sector Context

One of the new vehicles will be for Europe and the other two are destined for China (more on the US later).

Following the EX60, which Volvo said has been “a big success,” racking up over 50,000 orders in Europe so far, Volvo will launch the second electric car based on its SPA3 platform.

📊 Industry & Real-World Impact

According to Volvo the new model is a “global BEV car, which targets a large, lower priced market segment” in Europe. The first customer deliveries are set to begin after next summer.

🔮 Strategic Outlook & What Lies Ahead

While the company didn’t reveal any further details, the new vehicle is suspected to be the successor to the current EX40.

The SPA3 platform supports everything from sedans and compact SUVs like the EX30 to the three-row EX90. As a mass-market vehicle, the new SPA3-based EV will likely be an SUV.