Volvo sees them fly: believes 18-year-olds can afford a new EX30

Apparently Volvo thinks that when you’re eighteen and nineteen, the money is splashing out on the sockets. Because the Swedish manufacturer actually assumes that Generation Z is financially strong enough to buy a new electric SUV: the upcoming EX30.

They have big plans in Gothenburg. Volvo sold almost 700,000 cars in 2021, but plans to grow to 1.2 million by 2025. According to CEO Jim Rowan, the new EX30 plays a major role.

Volvo EX30 attractive to young people

In an interview with Automotive News, he says more affordable Volvos are on the way, geared towards Generation Z. 18- and 19-year-olds looking to buy their first car will certainly be drawn to the new EX30, according to Rowan.

That’ll be a compact electric SUV under the XC40 that you can drive for a monthly fee, a bit like what Lynk & Co is offering. This flexibility is interesting for young people, says Rowan.

Relatively small battery to reduce costs

Granted, the new Volvo boss (he started in March) may have an overly rosy picture of young adults’ disposable income, but of course launching a cheaper electric car is always a good idea.

The EX30 will be launched with relatively small batteries to keep costs down. Volvo expects the model to be ordered primarily online, particularly on a flexible contract lease/rental basis.

Making electric cars cheaper remains a challenge

Rowan concedes that making electric cars cheaper remains a challenge, especially given the skyrocketing commodity prices. It relies on new materials and a more efficient design with fewer chips.