Volvo's new EX30 electric SUV will also be its cheapest car

Volvo’s (VOLCAR-B.ST) just announced EX30 electric SUV is going to be the company’s cheapest car.

At an event earlier Wednesday in Milan, the Swedish automaker debuted the fully electric EX30, a small compact SUV. The EX30 will join the company’s flagship EX90 SUV, which was supposed to come out later this year but has been delayed until 2024.

The EX30, which is available for pre-order now and will likely go on sale in 2024, appears to be a smaller version of its big brother EX90, using the same angular lines and the company’s current Scandinavian design motif.

Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco (Claudia Greco / reuters)

But before going to specifics, the biggest number that will blow away US buyers is the starting price. Volvo says the EX30 will start at $34,950 when it goes on sale, which means customers get a compact electric SUV for the price of a similar gas powered car. The EX30 will also undercut Volvo’s cheapest car on sale at the moment in the US, the XC40 compact SUV which starts at $36,350.

“The fully electric EX30 might be our smallest ever SUV, but it’s a big deal for our customers and a big deal for us as a company,” Volvo CEO Jim Rowan said in a statement. “We like to say the EX30 is small yet mighty, because it delivers on everything you’d want from a Volvo but in a smaller package.”

Jim Rowan, Volvo President & Chief Executive Officer, speaks during the reveal event of the Volvo EX30 electric SUV vehicle in Milan, Italy June 7, 2023. REUTERS/Claudia Greco (Claudia Greco / reuters)

The EX30 will come in two powertrain configurations. One version will be a single motor paired with an NMC (nickel manganese cobalt) extended range battery, which is estimated to have a 275 mile range.

A dual motor performance variant pairs with the same battery and provide 422 horsepower, as well as a 3.4 second 0-60 mph time. Volvo did not provide an estimated range or pricing for this version of the EX30.

Inside the EX30 cabin is a simplified, minimalist version of the larger EX90’s interior design. A large portrait style infotainment screen floats in the center dash, with a smaller digital instrument panel behind the oval steering wheel. Like all Volvo EVs going forward, the EX30 features Google built-in software powering the “contextual single-screen UX” infotainment system.

A guest seats in the new Volvo EX30 fully-electric small SUV vehicle during Volvo reveal event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco (Claudia Greco / reuters)

And in a surprise move, Volvo will also make a Cross Country version of the EX30 as well, giving buyers another body style to choose from. The Cross Country will feature higher ground clearance, skid plates for underside protection, and larger wheels and tires. Volvo says the Cross Country variant order books will open 2024, with production beginning later in the year.

People look on during the reveal event of the Volvo EX30 electric SUV vehicle in Milan, Italy June 7, 2023. REUTERS/Claudia Greco (Claudia Greco / reuters)

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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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