Volvo has announced a record-breaking 763,389 sales in 2024, alongside its future product roadmap. The Swedish brand has confirmed five launches for 2025 and another five for 2026, promising to offer a lineup of various body styles across all segments.

Jim Rowan, Volvo Cars President and CEO, said: “The depth and the variety of our balanced product portfolio is one of our greatest assets. We will expand the lineup of fully electric, plug-in hybrid, and mild-hybrid cars, and continue to offer world-class products in all segments: SUVs, sedans, wagons, in terms of size: 30, 40, 60, 90. And we’ll do this in over 80 countries around the world.”

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Specifically for 2025, the CEO revealed they will be launching “five new or refreshed models”. The first one will be the Volvo EX30 Cross Country, a rugged version of the small electric SUV which is scheduled to debut on February 10.

Another new model that will arrive this year is the fully electric Volvo ES90 sedan. The CEO describes it as “one of the flagship models” that will demonstrate the automaker’s “technology capabilities”. The ES90 has already appeared in teasers and is expected to be introduced in March 2025, joining the EX90 SUV.

Volvo Cars

Volvo has also confirmed a new “long range PHEV” that will be dedicated to the Chinese market, without getting into specifics. Furthermore, the company promised to introduce “meaningful upgrades” for two of its existing models.

Chances are that the aging Volvo XC60 will be one of them, following the example of the recently-facelifted XC90 with a redesigned face, and a revamped interior.

More: Facelifted Volvo XC90 Has A Bigger Screen And A 2+1 Cupholder, But Is That Really Enough?

As for its much-anticipated electric counterpart – the Volvo EX60 – it will be one of the five launches scheduled for 2026. Jim Rowan said Volvo has made “great progress on this car”, describing it as a “game-changer”. Last year, Volvo said that the EX60 will ride on the new SPA3 architecture, which promises to bring “enhanced core computing capability” and a “far more scalable” design compared to the existing SPA2 platform.

The presentation included dummy models for two additional SPA3 offerings, likely for 2026. Still, it is hard to tell which ones they will be, as the new platform is theoretically compatible with models of all different shapes and sizes. Hopefully, at least one of them will be a wagon.

Record Sales But Challenging Times Ahead

In 2024, Volvo Cars achieved the “highest full-year retail sales, revenues, and core operating profit in its 98-year history”. More specifically, the automaker sold 763,389 cars which is 7.7% more compared to the previous sales record from 2023. Furthermore, Volvo’s operating profit excluding joint ventures and associates was SEK 27 billion (around $2.5 billion) in 2024, representing a 6% gain compared to the previous year.

Despite the positive results, Volvo describes 2025 as a “turbulent” year due to “challenging market conditions”. In a message to the shareholders, the CEO said:

“2025 will be a year of transition. The global car industry is facing several uncertainties: cyclical, structural, transformational and geopolitical. We have navigated this environment better and faster than many of our peers, but we and the rest of the industry will be severely tested this year. At the same time, we must keep our eyes firmly on the road ahead and not sacrifice the future on the altar of the present. In other words, we must be prudent, diligent and disciplined during a turbulent 2025, while paving the way for our long-term ambitions.”