The electric SUV market is getting crowded with Volvo confirming a previously announced electric variant of the upcoming third-generation XC90. The company is also reporting “strong early consumer demand” for its electric XC40 with “several thousands” of people placing $1000 deposits.
“Several” is a pretty broad range, and refundable deposits are sometimes not the best indicators of demand, but the XC40 is a pretty great compact SUV with a genius interior, so maybe Volvo can see some success with the electrified version.
The XC40 Recharge will begin production and deliveries later this year, likely towards the end. It has a dual-motor powertrain pushing out about 400 horsepower. The battery pack capacity is 78 kWh which should be good for just over 200 miles. No official pricing but estimates are around $55,000.
Volvo plans to launch one new EV each year through 2025, including the XC90 which will come out in late 2022. The mid-size SUV will be made at the company’s factory in South Carolina. A few weeks ago, Volvo said it had plans to build a battery plant adjacent to the factory to supply future EVs.
Volvo’s electric strategy is to offer electric variants of vehicles that are also sold with internal combustion engines, leaving the all-electric platforms to its sister company Polestar. The Polestar 2 will go on sale later this year.