Volvo launched a small electric SUV, the EX30, with two battery options and a starting price of around 36,000 euros on Wednesday as automakers compete with Tesla to make electric vehicles more affordable.
The EX30, launched in Milan, is the Swedish automaker’s smallest SUV and follows the launch of the larger model, the EX90, in November.
The starting price compares with the over 40,000 euros of the Tesla Model 3, the cheapest car of the US group. The company has cut prices several times this year to try and encourage demand as competition heats up among EV makers.
Volvo Cars chief executive Jim Rowan said the group did not need to follow Tesla in cutting electric vehicle prices as market demand was good.
The automaker, which wants half of its sales volume in EVs by mid-decade and only EVs by 2030, said the EX30 is one of its biggest business opportunities in the coming years as it comes at a price close to combustion models.
The model, which can already be ordered in some markets, including Europe, is offered with two types of battery.
The cheaper, lower-functionality LFP (lithium iron phosphate) batteries are aimed at customers who travel mainly within cities or shorter distances, helping to keep the car’s starting price low, Volvo said.
More efficient NMC (Nickel-Manganese-Cobalt) batteries will offer EX30 buyers an extended range of up to 300 miles. Volvo has not disclosed the price of the NMC versions, nor the range of the LFP.
Electric SUVs from premium European brands such as BMW, Mercedes and Audi cost at least 56,000 euros. The entry-level price of the EX30 is comparable to Jeep’s electric version of the Avenger SUV.
Source: Terra
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