Volvo will unleash two electric SUVs to revamp EV sales in the US
Volvo expects a momentum shift in the US, with two new electric SUVs hitting the market. Volvo will launch its three-row EX90, followed by the smaller, more affordable EX30. Can Volvo’s new electric SUVs help revamp EV sales in the US? The brand expects big results. Here’s why.
Volvo expects new electric SUVs to drive US EV sales
Although Volvo delayed the launch of both models, they are finally about to hit the US market.
Volvo’s flagship EX90 is scheduled to arrive at US dealerships later this year, while the EX30 will follow in the second half of 2025.
Volvo’s electric SUVs are hitting the market at a critical time. According to Cox Automotive, Volvo’s US electric vehicle sales slipped 72% in the first half of 2024. Volvo has only sold 2,109 C40 and XC40 Recharge models, compared to over 7,600 last year.
As a result, Volvo’s share of the US EV market fell from 0.4% last year to 0.3% through June 2024. Volvo Cars US President Michael Cottone believes things will turn around quickly with its next-gen EVs rolling out.
The EX90, Volvo’s three-row electric SUV, “is the first car that we will have launched and developed outside of Europe in our company’s almost 100-year history,” Cottone said at a media event this week (via Automotive News).
Volvo’s flagship EV “was designed for the U.S. market and then built in the U.S. market,” according to Cottone.
Built in the US, for the US
With the seven-seat crossover segment being a growth engine for the Swedish automaker in the US, the EX90 is expected to play a key role in revamping EV sales.
The XC90, Volvo’s gas-powered three-row SUV, was its top-selling vehicle in 2023, representing almost a third of sales. “We are offering another car to another subset of consumers that we don’t have today,” Volvo’s US boss said.
With an electric option, Volvo expects the EX90 to draw more buyers into showrooms. One Volvo dealer, Mathew Haiken, said the EX90 had the XC90-like DNA, which “has become a classic like the Range Rover or Porsche 911.”
“The EX90 is the antithesis of the Tesla Model X,” Haiken explained in terms of design. He added, “Most EVs look like computers on wheels.”
Volvo’s first EX90 rolled off the production line in South Carolina in June ahead of deliveries later this year.
Although Volvo announced the EX90 would start at $77,990, it was forced to raise prices after the US increased tariffs on the electric SUV’s CATL-made battery. The EX90 now starts at $81,290, including destination.
The EX30, Volvo’s smallest and cheapest EV, will arrive in the US in the second half of 2025. It will start at $34,950 as one of the most affordable EVs in the US.
Electrek’s Take
There is light at the end of the tunnel for Volvo. The EX90 is hitting the sweet spot of the US market. While Ford canceled its three-row electric SUV, foreign rivals continue seeing demand for the larger models.
For example, Kia sold nearly 11,500 EV9 models, its first three-row electric SUV, in the US through July. Kia is also producing EV9 models in the US as it looks to establish itself as a leader in the massive North American auto market.
Meanwhile, Volvo’s EX30 is already a top seller in Europe. According to new data from Jato Dynamics, the EX30 was the second-best-selling EV in Europe last month. With 6,573 registrations, Volvo’s EX30 trailed only Tesla’s Model Y (9,544).
With the new model, Volvo was the market share winner in Europe in July, gaining 5.5%. BMW was second and topped Tesla for the first time in total EV sales in Europe.
Will the EX30 have the same impact in the US? With two new electric SUVs rolling out, Volvo expects EV sales to turn around quickly.
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
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.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
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).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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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 is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
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
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.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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