In its 2024 financial report, Volvo announced that it will release five new cars in 2025. The EX30 Cross Country will be the brand’s smallest electric vehicle designed for off-road use, while the ES90 will be an electric car built on the EX90 SUV’s design. Volvo is set to update two of its current models, with the XC60 being a likely candidate, while also unveiling a new “long-range” plug-in hybrid designed for the Chinese market. In 2024, Volvo had a great year, selling 763,389 new cars globally, the highest number since the company began 98 years ago. The Swedish company said in its 2024 financial report released on Monday that it expects “turbulent” times ahead due to “competitive and geopolitical challenges.” Volvo is set to launch five new or updated models this year and focus more on electric engines. Momentum and Challenges In 2023, Volvo had a great year with sales, making an operating profit of SEK 27 billion, a 6% increase from the previous year. Their revenue reached 400 billion Swedish Krona (SEK), which is about $37 billion at current exchange rates, marking a first for the company. Volvo made a lot of money from electric cars. In 2024, they sold 175,194 EVs, a 54 percent increase from the year before. Electric vehicles (EVs) now make up 23 percent of the brand’s total sales, up from 16 percent in 2023. Plug-in hybrid and electric cars (EVs) made up 46% of Volvo’s total sales. The new EX30 was very successful in Europe and helped increase electric vehicle sales. Volvo will launch the electric EM90 van, the updated XC90, and the electric EX90 in China in 2024. Jim Rowan, the CEO, said, “2024 had two different parts.” Demand dropped in the second half of the year, but Chinese companies kept increasing their market share in China and abroad. Meanwhile, some countries, like the United States, imposed taxes on electric vehicles made in China. Volvo acknowledges that it will be hard to match the sales and profits from 2024, given that the market is likely to stay weak this year. However, the company highlights its strong position by showing a variety of hybrid and electric vehicles. A new offering is on the way Volvo plans to release five new or improved models this year and will keep investing in its diverse range of cars. The new ES90 sedan will be launched in March. It will be the second car built on the SPA2 base, following the EX90. Another model, the EX30 Cross Country, is supposed to be a tougher version of the brand’s smallest electric vehicle, and it will start being delivered in the United States later this year. Volvo is creating a new long-range plug-in hybrid car just for China. It’s not clear if this will be a completely new car or a version of a current model. Geely’s Compact Modular Architecture, which supports the plug-in hybrid Lynk & Co 07 and 08, might be used for the new car. On China’s merciful test cycle, both cars have a combined driving range of 870 miles. This base was also used to make the Polestar 2, Volvo XC40, and C40 (now called the EC40). Volvo says this car is made for China, but it might be sold around the world later. Volvo plans to improve two of its existing models. The S60 car, V60 wagon, S90 sedan, and V90 wagon are older models. However, the XC60 SUV, which has been around since 2018, is a good option. Volvo should improve all its models like it did with the 2025 XC90, giving them a better look and a new center with more screens. Volvo plans to make more of the new XC90 and EX90 models by 2025. Volvo will begin making the EX30 in Ghent, Belgium, and produce it in China. Volvo wants to create and test the first prototype of the EX60, a small electric SUV that will come out in 2026, using the new SPA3 platform. Volvo has a challenging year ahead to match or do better than its great accomplishments in 2024.
