Other carmakers are starting to catch up to Tesla, the recognized leader in the EV field.
Volvo launched a new, fully-electric model -- christened the EX30 -- starting at EUR 36,000 ($38,500). This comes in slightly below Tesla's Model 3, which in Europe is priced slightly north of EUR 40,000.
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"We know that price and cost of ownership is still one of the biggest challenges when people consider switching to an electric car,” Volvo's CEO, Jim Rowan, said in a statement. “With the Volvo EX30, we aim to bring premium, fully electric mobility to a much broader audience, helping to advance and speed up the transition to full electrification that our industry and society needs.”
The release of the EX30 marks a "cornerstone" of Volvo's transition to EVs -- the automaker plans to sell only full-electric vehicles by 2030, and is aiming for half of its global sales to consist of full EVs by 2025.
The EX30, which is now available for pre-order in the U.S., comes with several different battery and powertrain options. The standard version is optimal for those who tend to drive shorter distances, but an extended-range version will give drivers a range of around 300 miles on a single charge. The performance variant turns the EX30 into Volvo's fastest-accelerating car.
The extended range charges from 10% to 80% in around 25 minutes, Volvo said. The car is also designed to have the lowest carbon footprint of any Volvo, with less than 30 tons over 125,000 miles of driving.
Tesla's Model 3 was recently approved for the $7,500 federal tax credit, bringing the start price down to around $32,000 in the U.S. Add in state tax credits, and the price could dip even lower (a Tesla Model 3 costs around $25,000 in California).
The EX30 is not yet eligible for any tax credits.
