Volvo's smallest and cheapest EV, the EX30, is already changing the game in Europe. Will it have the same impact in the U.S.?
New car registrations in Europe rose just 0.2% in July 2024, according to new data from the European Automobile Manufacturers' Association.
Electric vehicle registrations fell 10.8% to 102,705 units last month. As a result, EVs' market share fell to 12.1% in July 2024 from 13.4% a year ago.
A large decline in Germany (-36.8%) held the market back, despite increased sales in Belgium (+44.2%), the Netherlands (+8.9%) and France (+1%). In the first seven months of 2024, EVs accounted for 12.5% of new car registrations in Europe (815,399 units).
Meanwhile, hybrid vehicle sales increased 25.7% to 273,003 units in July, recording double-digit growth in all four major markets.
France (+47.4%), Spain (+31.5%), Germany (+22.4%) and Italy (+17.4%) all saw an increase in hybrid sales last month, raising their market share to 32% from 25.5% last year.
Volvo EX30 Cloud Blue and Vapor Gray (Source: Volvo)
Petrol and diesel vehicle registrations fell by 7% and 10% respectively in July, continuing to decline in popularity.
Volvo's cheapest EV drives growth ahead of U.S. launch
Volvo led the increase in new car registrations in Europe in July, selling 22,079 units last month, up 36.7% compared to July 2023.
Volvo expects to register more than 176,200 new cars in the EU in the first seven months of 2024, up nearly 39% from the 127,032 registered in the first seven months of last year.
Volvo EX30 (Source: Volvo)
Growth is being driven by Volvo's smallest and cheapest EV, the EX30. Since delivering the first model in January, Volvo has already sold 47,172 units through July.
Through July, the Swedish automaker outperformed rivals such as 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 was hoping the EX30 would be a game-changer, and in Europe, that promise has been realised: With a price starting at around 36,000 euros ($40,000), the EX30 is one of the most affordable EVs in Europe.
In the United States, the EX30 will be priced from $34,950, making it one of the cheapest electric cars on the market. It was expected to go on sale in the US later this year, but Volvo has delayed it until 2025.
Volvo EX30 interior (Source: Volvo)
The delay comes after the US announced it would impose a 100% tariff on EVs imported from China, where the EX30 is currently produced.
Volvo is ramping up production at its Ghent, Belgium, plant for export to the U.S. The EX30 will be offered with single- and dual-motor powertrains, with a range of up to 275 miles. Volvo's AWD EX30 has a rated range of 265 miles.
Despite its low price, the EX30 is packed with the tech and safety features you'd expect from Volvo, including a 12.3-inch tablet-style infotainment and driver display, 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 U.S. According to Kelley Blue Book, the average price of a new EV in July 2024 was $56,520, 1.5% lower than in 2023.
Some of the cheapest 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).
The delay means that competitors such as the lower-priced Chevrolet Blazer EV ($35,000) will hit the market first, but Volvo still expects the EX30 to be a big growth driver in the U.S. With the launch of two new electric SUVs in the U.S., Volvo is hoping for similar results.
Would you consider the Volvo EX30 for around $35,000? Let us know in the comments.
Source: ACEA
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