Volvo’s EV Could Cost $40K Or Less With Range Of 250 Miles

Volvo is undoubtedly one of the biggest luxury car brands in the market. It’s no Bentley, but the prices of its vehicles are still considered premium. So when the car maker announced that it was going to create an electric vehicle, many wondered just how expensive it was going to be. Based on the $40,000 or less price range that Volvo just announced, it seems that the car won’t be that pricey after all.

The news came from Lex Kerssemakers, the chief of Volvo US himself, who recently spoke to the press. According to him, the lower price and a range of 250 miles were the least that the EV needed to have in order to make any kind of impact in the North American market.

“That's what I put in as the prerequisite for the United States," Kerssemakers told reporters. "If I want to make a point in the United States, if I want to make volumes, that's what I believe I need."

As of right now, there is still no word on what model the company is going to use for the EV. Most analysts are predicting that it’s going to be an existing model since it would be the most expedient, especially with the 2019 timeline. Then again, Volvo might have already created a standalone model to use for its more environmentally friendly vehicle, which might just make a mark on the hearts and minds of customers.

On the matter of the EV’s price, selling it at $40,000 or less would put it in direct competition with the Tesla Model 3, as well as the Chevy Bolt, Engadget reports. With the demand of EVs expected to grow over the next few decades alongside self-driving units, car companies are now more confident that lowering the prices of their luxury models might be better for their bottom-line.