Volvo has announced it will build its “next global BEV car”, with the new model expected to debut as early as next year as the brand’s first EX50 SUV. The news, which came in Volvo’s Q3 financial results, means it will have a direct rival for the Tesla Model Y as it targets a “large, lower-priced market segment”.

The announcement places the upcoming model below the EX60 SUV and says it is being produced to increase margins and bolster the brand’s all-electric presence. It will be built on the company’s SPA3 platform, which has been built strictly for electric propulsion.

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“In 2027, we will introduce our next fully electric car … the first customer deliveries are expected to start after the [northern hemisphere] summer. This will further strengthen our leading position in all-electric cars and improve margins,” Volvo CEO Håkan Samuelsson said, as reported by Sweden’s Allt om Elbil website. 

The new BEV will be one of the 13 new models Volvo is bringing to market by 2030, and will be primarily aimed at Europe, which is where it’s also rumoured to be built. The 13-model announcement said three of those new products will come next year, with the other two being China-specific.

News that the newcomer will use the SPA3 platform means it should get an 800-volt architecture, choice of batteries and the possibility of fast charging at up to 400kW. If it is to sit between the very popular EX40 (pictured above) and EX60 (pictured below), it should come in at approximately 4.6 to 4.7 metres long.

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The development comes shortly after Volvo announced it is expanding its partnership with Nvidia, with the tech giant’s software and hardware to be used to improve the autonomous driving capabilities of future vehicles. 

The new tech is planned to debut in the next-generation cars that are part of the aforementioned product push. Nvidia’s know-how will feature in Level 3 autonomous driving systems, which allow drivers to look away while they handle steering, acceleration and braking, although they must remain alert enough to take over in the event of a hazardous situation.