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.
Locals call him the “Bicycle hero,” but Texas man Evan Wayne says he’s just doing what he can to help his community after it was cut off due to the recent devastating and deadly flooding tragedy.
When the local Sandy Creek flooded following torrential rains in Texas, it destroyed the only bridge into one community. Residents were cut off from access to supplies, including everything from necessities like food, water, and medicine to basic comforts.
Although the bridge was impassable to cars, volunteers who quickly organized to help the stranded residents found that the damaged bridge could still be traversed on foot. Or in the case of Evan Wayne, it could be covered by an electric bike.
Evan joined hundreds of volunteers who answered the call of grassroots organizers by working together without any official capacity. While many started by hand-pulling garden carts of supplies uphill to reach the stricken community, Evan jury-rigged a trailer to an e-bike and took on as much of the load as he could, helping shuttle much-needed food and gear into the community over hundreds of round-trip journeys.
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“This was a dog trailer 48 hours ago. I had a hacksaw, hacked the top off, grabbed some bungee cords, and here we are,” explained Evan in an interview with CBS Austin, while waiting for the next load of gear to be stacked on his trailer.
In the first two days of the operation, he made around 100 round trips each day, shuttling food and water as well as critical rescue supplies. “Right now, I’m waiting on a couple of chainsaws that I’ll bring in for a crew that’s been going at it with handsaws so far.”
In addition to delivering needed supplies, Evan has often found himself moving something even more important: information. “I’ve flagged down medics. I’ve been the guy that goes between Austin EMT and STAR Flight because I’m quicker than cell phones sometimes, people don’t have signal a lot of the time.”
Evan quickly points out that he isn’t the only one helping. “I’ve got an e-bike, but other people are pulling carts. People are walking, people are carrying things. Everyone is doing what they can.” But there’s no doubt that his ability to carry more gear at higher speeds and make hundreds of round-trip journeys so far in and out of the stricken neighborhood has helped impact countless lives.
“This is all volunteers here. They’re just taking it upon themselves to get people where they need to go. I think there’s an umbrella company coming in, taking over tomorrow, but until they get here, people are just taking care of people, which is what you’ve got to do.”
E-bikes proving their worth in emergencies
While many people consider electric bicycles just another form of recreation, they’ve proven to be potent transportation alternatives after natural disasters worldwide.
Not only do their small and efficient batteries make performing hundreds of rescue trips like Evans’ possible, but recharging can be done simply and easily with a solar panel when electricity is out after a disaster. And when gas stations are out of fuel (or simply can’t pump it with the power grid down), e-bikes can keep running while gasoline-powered motorcycles or ATVs run dry.
Electric bicycle batteries have also proven to be a handy source of emergency power after hurricanes and other disasters, often helping owners keep their phones charged up for days to remain in contact with family or rescue services.
While most hope to never need theirs for emergency purposes, electric bicycles have proven their worth in countless disaster scenarios, adding benefits far beyond just alternative transportation, recreation, or fitness riding.
E-bikes can be kept running nearly indefinitely after natural disasters with access to solar recharging equipment
Image credits: CBS Austin (screenshots), used under fair use
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Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.
The global EV market is still charging ahead. According to new numbers from global research firm Rho Motion, 9.1 million EVs were sold worldwide in the first half of 2025, up 28% compared to the same period last year. But not every region is accelerating at the same pace.
China and Europe are doing the heavy lifting
More than half of the world’s EVs this year have been bought in China. That market hit 5.5 million sales in the first six months of 2025 – a 32% jump year-over-year. Around half of new cars bought in China are now electric.
While some Chinese cities’ subsidies have dried up, Rho Motion expects momentum to pick back up later in the year as more funding is released.
In Europe, 2 million EVs were sold in the first half of the year, up 26%. Battery electric vehicle (BEV) sales also rose 26%, thanks in part to affordable models like the Renault 4 (pictured) and 5 entering the market. Plug-in hybrids (PHEVs) weren’t far behind, growing 27% year-to-date. Chinese automakers are leaning into PHEVs as a way to work around the EU’s new tariffs on BEVs.
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Spain is leading the pack with EV sales soaring 85% so far this year. Its generous MOVES III incentive program was extended in April and has kept sales strong. The UK and Germany are also seeing solid growth – 32% and 40%, respectively. France, however, is slumping. With subsidies cut, EV sales there have dropped 13%.
North America is stuck in the slow lane
Things aren’t looking quite as bright in North America. EV sales in the US, Canada, and Mexico are up just 3% so far this year.
Mexico is the one bright spot, with a 20% boost. The US is up 6%. But Canada is down a whopping 23%.
And things could get bumpier. On July 4, Trump signed Congress’s big bill into law, which axes all the Inflation Reduction Act EV tax credits. Those consumer credits for EVs now officially end on September 30.
Just over half of the EVs sold in the US this year qualified for those credits. Rho Motion predicts a rush in Q3 before the subsidies disappear – and a decline in sales after that.
Rho Motion data manager Charles Lester said, “With Trump’s latest cuts in his ‘Big Beautiful Bill,’ the US could struggle to see any growth in the EV market overall in 2025.”
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