Volvo will launch seven new electrified cars in European markets by 2030 as it targets higher sales, margins and cash generation.
The models, intended for Europe and other Western markets, will form part of the manufacturer’s largest product offensive to date.
Volvo plans to introduce 13 regionally tailored electrified cars by the end of the decade, comprising seven models for Western markets and six developed specifically for China.
The company has not yet revealed the identities or individual launch dates of all seven European-market cars. It said further details would be announced later.
The models will use Volvo’s existing SPA2 and SPA3 vehicle platforms, reducing the investment required compared with developing the first car on an entirely new architecture.
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“The challenges for the car industry are immense…” – Håkan Samuelsson, Volvo Cars president and chief executive
Volvo expects the strategy to support an EBIT margin above 8% by 2030, while helping it respond to trade tariffs, technology restrictions and diverging customer preferences across global markets.
Håkan Samuelsson, Volvo Cars president and chief executive (pictured left), said: “The challenges for the car industry are immense, but our strategy gives a clear answer to how we adapt to these and our ambition is to be the leading premium car brand.
“With a regionally optimised product portfolio, unique synergies, electrification and new levels of efficiency, we will build a company capable of reaching beyond 8% EBIT margins.”
An 8% EBIT margin would move Volvo closer to the level of profitability traditionally associated with stronger premium car manufacturers, although weakening demand, tariffs, rising costs and intense competition from Chinese brands are putting margins across the sector under increasing pressure.
Volvo more than doubles plug-in hybrid range for XC60 and XC90
Alongside the longer-term product roadmap, Volvo is introducing its first long-range plug-in hybrids for Europe.
New plug-in hybrid versions of the XC60 and XC90 will offer substantially greater electric ranges, with production beginning later this autumn. Order books are already open in selected markets, although Volvo has not confirmed detailed UK launch timings or prices.
The updated XC60 plug-in hybrid will provide up to 124 miles of zero-emission driving, while the XC90 will offer up to 99 miles. This is more than two and a half times the electric range of the existing variants.