- Volvo boss says the upcoming EX60 will cost about the same as the XC60 plug-in hybrid.
- Using the new 800-volt SPA3 platform with new powertrains and batteries is key to keeping costs down.
- It will still be expensive compared to non-premium midsize electric crossovers, but it matches luxury rivals like the upcoming BMW iX3.
Volvo needs a smaller electric crossover to slot under the large and quite expensive EX90, and one is on the way. It will be called the EX60, so it will become the electric equivalent of the XC60, but even though it’s an EV, it won’t cost more than its combustion-powered brother. It will be similarly priced to the XC60 plug-in hybrid, which currently starts at $62,445, including destination.
The EX60 will be built on the “groundbreaking” modular 800-volt SPA3 platform, which promises 15% faster charging, 35% more drive power and the ability to evolve over time through over-the-air updates. It will also feature Volvo’s 20% more energy-dense next-generation batteries that are said to make it Volvo’s longest-range electric offering, and a powertrain that is 18% cheaper than what the manufacturer puts in its current EVs, according to Automotive News.
Photo by: Volvo
Having a structural battery pack and using large megacastings for the vehicle’s shell will allow Volvo to cut costs by 25%, which is how it hopes to be able to sell you an EX60 for XC60 plug-in hybrid money. That car starts at $62,445, including destination fees. For context, the Volvo EX90 commands about a $4,000 price increase over a comparable XC90 PHEV. Getting EVs to price parity with their gas-powered counterparts is seen as key to driving more electric adoption.
The EX60 is also seen as the natural next car for today’s XC60 owners who are ready to go fully electric. But it’s also aimed squarely at the biggest players in the segment, such as the Tesla Model Y or the Hyundai Ioniq 5, both of which have achieved global success.
Volvo EX60 Taillight Teaser
Photo by: Volvo
Getting the EX60 right is really important for Volvo. The design will stick close to what we already know, so it won’t alienate potential buyers by completely changing the formula. It has been teasing the model ahead of its debut early next year and it’s probably feeling a lot of pressure to get it right, especially since it’s a bit late to the party.
Volvo is owned by Geely, which already has premium midsize electric crossovers on sale in Europe. I’ve already tried the posh Zeekr 7X, which drives very well and can charge at 400 kW, and you can already order one here starting at €52,990 ($61,200). That’s very competitive for a vehicle with luxury features such as powered automatic doors—and they work better than those on a BMW i7—which the upcoming EX60 won’t have.
But an EX60 price comparable to its PHEV variant would still make it pretty competitive. It would still be more expensive than a Model Y, the Ioniq 5 and other midsize electric crossovers, but competitively priced against premium-badged rivals, such as the upcoming BMW iX3. That’s also expected to start around the $60,000 mark when it lands in the States next year, with more affordable variants to follow.
