Volvo to Launch Two New Electrified Models and Unveil New Strategy This Year

Volvo reported global retail sales of 324,800 vehicles in the first half of 2024, down 8% year-over-year. The company expects a significant sales recovery in the second half, driven by the start of EX60 deliveries in July and record-high order volumes for its flagship all-electric SUV, the EX90. According to foreign media reports, Volvo plans to launch two new models in early autumn this year. The automaker has only confirmed that both will feature electrified powertrains but has not disclosed further details. Analysts believe these models are more likely plug-in hybrids, representing upgrades to existing product lines with refreshed styling and increased battery capacity to extend all-electric range. These two new vehicles mark the beginning of what Volvo describes as “the most ambitious product plan in the brand’s history.” The company will unveil an updated strategy on September 17. Previous reports indicated that Volvo is developing a sedan and an estate (wagon) in Europe. CEO Håkan Samuelsson stated that over the next five years, Volvo’s lineup will no longer be limited to SUVs and may include higher-riding Cross Country variants of its estate models to fill the niche between wagons and SUVs. Additionally, Volvo is signing a memorandum of understanding with the Belgian federal government and the Flemish regional government to explore options for increasing production capacity at its Ghent plant, including the possibility of contract manufacturing for other brands. While potential partners have not yet been disclosed, given that Volvo’s parent company, Geely Holding Group, owns multiple automotive brands, there are numerous potential collaboration opportunities.