(Bloomberg) -- Volvo has unveiled its new entry-level SUV, the Volvo EX30. The all-electric vehicle is the fourth EV from the Gothenburg, Sweden-based automaker and its lightest, most compact SUV to date. 

With a starting price of $34,950, the EX30 notably does not charge a premium over internal combustion vehicles of similar power output. (Volvo’s gasoline-powered XC40, for instance, costs $36,350.) It is expected to contribute significantly to Volvo’s profitability as the automaker moves to make half its wares fully electric by 2025 and to sell only EVs by 2030. 

“We know that price and cost of ownership is still one of the biggest challenges when people consider switching to an electric car,” said Jim Rowan, Volvo’s chief executive officer, in a statement that noted the EX30 will probably become the brand’s bestseller. On June 5, Volvo reported that global sales in May had increased 31% year over year to 60,398 units, a rise largely driven by the sale of EVs. In the first five months of 2023, sales jumped 14%, to 275,312 vehicles, compared with the same period in 2022. 

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The EX30 highlights the importance of safety systems and the 96-year-old company’s Swedish heritage. One new feature helps prevent inadvertent impacts on cyclists, scooters or runners by alerting the driver when one is approaching. A new Park Pilot Assist feature tackles parallel parking as well as parking in curved, perpendicular and diagonal spaces by using a 3D interface that operates the throttle, brakes and steering. A human driver must still “supervise” the parking process, Volvo says.  

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Volvo is offering a choice between two powertrains for the EX30: A single-motor extended range variant achieves 275 miles on one charge and gets to 60 mph in 5.1 seconds, and the twin-motor-performance, all-wheel-drive variant gets to 60 mph in 3.4 seconds and boasts 265 miles of driving range. Owners will be able to charge their EX30 batteries from 10% to 80% in less than 30 minutes on a DC fast charger, Volvo says.

Next year, the company will offer a Cross Country variant of the EX30. It will have a range of additional features such as more ground clearance, unique skid-plates, 18-inch or 19-inch wheels, and a small Swedish flag badge mounted on the hood. Its pricing has yet to be announced.


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