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

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

At an event earlier Wednesday in Milan, the Swedish automaker introduced the all-electric EX30, a compact SUV. The EX30 will join the company’s flagship EX90 SUV, which was supposed to be released later this year but has been delayed until 2024.

The EX30, available for pre-order now and likely to go on sale in 2024, appears to be a smaller version of its bigger EX90 sibling, using the same angular lines and the company’s existing Scandinavian design.

But before we get into the details, the biggest number that will startle US buyers is the starting price. Volvo says the EX30 will start at $34,950 when it goes on sale, which means customers will get a compact electric SUV for the price of a comparable gas-powered car. The EX30 will also undercut the cheapest Volvo car currently on sale in the US, the XC40 compact SUV that starts at $36,350.

“The all-electric EX30 may be our smallest SUV ever, 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 but mighty, because it offers everything you want from a Volvo but in a smaller package.”

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 range of 275 miles.

The Dual Motor Performance variant pairs with the same battery and delivers 422 horsepower, plus a 3.4-second 0-60 mph time. Volvo has not provided a range or an estimated price for this version of the EX30.

Inside the EX30’s cabin is a streamlined, streamlined version of the EX90’s larger interior. A large portrait-style infotainment screen floats in the center dash, with a smaller digital instrument cluster behind the oval steering wheel. Like all Volvo EVs from now on, the EX30 features built-in Google software that powers the “contextual single-screen UX” infotainment system.

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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 to protect the underside, and larger wheels and tires. Volvo says the order books for the Cross Country variant will open in 2024, with production starting later in the year.

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Pras Subramanian is a correspondent at Yahoo Finance. You can follow it Twitter and on Instagram.

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