Volvo’s smallest and cheapest EV, the EX30, is already changing the game in Europe. Will it have the same impact in the US?
According to new data from the European Automobile Manufacturers Association, European new car registrations grew by just 0.2% in July 2024.
Electric vehicle registrations fell 10.8% to 102,705 units last month. As a result, EV market share dropped to 12.1% in July 2024 from 13.4% a year ago.
Despite higher sales in Belgium (+44.2%), the Netherlands (+8.9%), and France (+1%), Germany’s massive decline (-36.8%) dragged down the market. Through the first seven months of 2024, EVs represented 12.5% of Europe’s new car registrations (815,399 units)
On the other hand, hybrid vehicles saw 25.7% more registrations in July (273,003) as the four largest markets had double-digit growth.
France (+47.4%), Spain (+31.5%), Germany (+22.4%), and Italy (+17.4%) all saw higher hybrid sales last month, pushing the market share to 32%, up from 25.5% last year.
Volvo EX30 Cloud Blue and Vapour Grey (Source: Volvo)
Gas and diesel-powered cars had 7% and 10% fewer registrations in July, respectively, as they continue to fall out of favor.
Volvo’s cheapest EV drives growth ahead of US launch
Volvo led Europe’s new car registration growth in July, with 22,079 units sold last month, up 36.7% from July 2023.
Volvo has over 176,200 new vehicles registered in the EU through the first seven months of 2024. That’s up nearly 39% from the 127,032 cars registered through July last year.
Volvo EX30 (Source: Volvo)
The EX30, Volvo’s smallest and cheapest EV, is driving the growth. After delivering its first model in January, Volvo has already sold 47,172 models through July.
Through July, the Swedish automaker outpaced rivals, including Volkswagen (+3.6%), Stellantis (0.2%), Hyundai (-3.1%), BMW (+1.8%), Mercedes-Benz (-1.9%), and Tesla (-9.8%).
Volvo EX30 (Source: Volvo)
Volvo expected the EX30 to be a game changer, and it has been in Europe. Starting at around 36,000 euros ($40,000), the EX30 is one of the most affordable EVs in Europe.
In the US, the EX30 will start at $34,950, making it one of the cheapest electric options on the market. Although it was expected to launch in the US later this year, Volvo is pushing it back until 2025.
Volvo EX30 interior (Source: Volvo)
The delay comes after the US announced a 100% tariff on EVs imported from China, where the EX30 is currently built.
Volvo is accelerating production at its Ghent, Belgium plant to export to the US. The EX30 will be available in single- and Dual-motor powertrains with a range of up to 275 miles. Volvo’s AWD EX30 is rated at 265 miles.
Despite its low starting price, the EX30 is still loaded with the tech and safety features expected from Volvo. It includes a 12.3″ tablet-style infotainment and driver display with Google built-in and wireless Apple CarPlay support.
Electrek’s Take
Starting at $35,000, the EX30 will be one of the most affordable EVs in the US. According to Kelley Blue Book, the average price for a new EV in July 2024 was $56,520, 1.5% lower than in 2023.
Some of the lowest-priced EVs on the market include the Nissan LEAF ($28,140), Mini Cooper SE ($30,900), Hyundai Kona Electric ($32,875), Hyundai IONIQ 6 ($37,500), and Tesla Model 3 ($38,990).
Although the delay will allow rivals, like the lower-priced Chevy Blazer EV ($35,000), to hit the market first, Volvo still expects the EX30 to be a significant growth driver in the US. With two new electric SUVs launching in the US, Volvo expects similar results.
Would you consider Volvo’s EX30 for around $35,000? Let us know in the comments.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
XCMG battery swap crane; via Etrucks New Zealand.
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
As “extreme” weather events become more commonplace, the demand for reliable and portable energy continues to rise. In response to that growing demand for dependable off-grid power, Volvo has developed the new PU500 Battery Energy Storage System (BESS) designed to take electrical power when it’s needed most.
Designed to be deployable in a number of environments at a moment’s notice, the Volvo Energy PU500 BESS is equipped with approximately 500 kWh of usable battery capacity (up to 540 kWh total). More than enough juice, in other words, to power a remote construction site, disaster response effort, or even a music festival – anything that needs access to reliable electricity beyond a grid connection.
That’s great, but what sets the PU500 apart from other battery storage solutions is its integrated 240 kW DC fast charger.
“With an integrated CCS2 charger, the PU500 is designed to work with all brands of electric equipment, trucks, and passenger cars,” says Niklas Thulin, Head of BESS Product Offer at Volvo Energy. “This ensures that no matter what type of electric vehicle or machinery you rely on, the PU500 can provide the power you need, making it a truly flexible solution for any grid constrained site or location.”
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The integrated charger in the PU500 has the impressive ability to charge a heavy equipment asset (be that an electric semi truck or something like a wheel loader) in under two hours. Its on-board capacity allows to fully recharge up to 3 electric HD trucks or 20 electric cars per day, making it an incredibly versatile disaster response asset.