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It also launched its first luxury electric minivan, the EM90 , in China, starting at about $114,000 (818,000 yuan). In China, Volvo is also targeting high-growth markets with the lower-cost EX30 and premium EM90 minivan rolling out. The European-made model will be exported to the US to avoid tariffs new tariffs on Chinese EV imports.
The other is new tariffs on Chinese EVs in the EU and US, where the already popular EX30 is built. Volvo’s CEO said that although middle-class buyers usually chose a Western brand in the past, the rise of Chinese EV makers has been even more detrimental to these brands. Volvo expects better results from premium EVs.
The company, which is majority-owned by China’s Geely, is also preparing for new EU and US tariffs on Chinese imports. Volvo CEO Jim Rowan during the EX30 launch (Source: Volvo Cars) The company confirmed plans to begin building EX30 models at its Ghent plant in Belgium in the first half of 2025.
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