- A made-in-China electric vehicle will hit U.S. dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about $8,000 less.
Despite its aggressive price, Volvo is targeting hefty profit margins on the EX30 of between 15% and 20% globally, said a third Geely source. That could bring a leased EX30's effective price to $27,500 - a compelling offer for a five-seater electric SUV that Volvo has said will have a 275-mile driving range and a five-second 0-60 mph time. The EX30’s specifications closely match Tesla's Model Y, and Volvo dealers are touting the comparison.
China's BYD - which rivals Tesla for the global EV sales crown - announced plans in February for a Mexico plant. BYD offers an array of EVs for less than $30,000 in China, including an electric hatchback that sells for less than $10,000. The companies came up with a Volvo growth strategy that relied in part on lowering costs by merging supply chains, giving the combined company leverage to drive down supplier costs.
The EX30 rides on an electric-vehicle platform Geely calls SEA, for "sustainable experience architecture", the Geely sources said. A third Geely official called it the Russian doll of vehicle platforms because it can be modified to produce a wide array of large and small EVs without major assembly-line changes.