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Volvo will reportedly dive into the minivan segment in 2023

Volvo will expand its range by entering the minivan segment for the first time, according to a recent report. The automaker is allegedly plotting an electric people-mover that will be built and sold in China and that will share numerous parts beneath the sheetmetal with an existing model. The yet-unnamed minivan appeared on a slide shown during a presentation made by Volvo's Chinese division, according to CarNewsChina. It's one of four new models due out in 2023; the others are the EX90, the EX90 Excellence, and a small SUV that may wear the EX30 name. Volvo hasn't confirmed plans to wade into the minivan segment, let alone published details about the model, but CarNewsChina speculates that the enigmatic family-hauler will land as a brand-specific version of the Zeekr 009 (pictured). Don't worry if that doesn't ring a bell: Zeekr was founded in 2021 and it mainly sells cars in China. It's part of Geely, however, so it's one of Volvo's sister companies. Designers will give Volvo's first minivan Swedish flair inside and out in a bid to differentiate it from the 009, but the Geely-designed SEA architecture and the electric powertrain shouldn't change significantly. That means the model will land with a 544-horsepower dual-motor all-wheel-drive system. It will be fitted with a massive, 140-kilowatt-hour lithium-ion battery pack said to unlock over 500 miles of driving range. Volvo will present the van as a close-to-production concept in the third quarter of 2023, and the production model will go on sale in China before the end of the year, according to the report. It's too early to tell whether Volvo will export the van to other markets; the company hasn't commented on the rumor. Don't expect it to come cheap: Zeekr charges 499,000 yuan (around $74,000) for the entry-level 009.

Volvo might join the tide of automakers turning to hybrids and PHEVs

Volvo had been the clearest and most direct of all automakers about switching to a purely electric lineup.  Less than a year after getting the XC40 Recharge to market, on March 2, 2021, the company wrote that it "intends to only sell fully electric cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids." Two years later, with the C40 on dealer lots and the EX90 and EX30 in the pipeline, CFO Bjorn Annwall removed the wiggle room of "intends" by pledging Volvo won't "sell a single car" that isn't purely electric after after 2030, emphasizing the target to Automotive News with, "There's no ifs, no buts." Problem is, there are always ifs and buts, and Volvo might be the next automaker needing a tactical retreat to deal with them. After speaking to members of Volvo's U.S. dealer body, Automotive News reports a softening of the 2030 target. The most Volvo has said publicly came from CEO Jim Rowan, who told analysts during a recent investor webcast that because the EV transformation is going to take time to scale, hybrid powertrains could "form a solid bridge for our customers that are not ready to move to full electrification." According to AN, an anonymous insider said plug-in hybrids could take the lead for the next 10 years as global governments and global markets align on electric vehicles. If this turns out to be the case, Volvo would join a strengthening trend as automakers rush to develop hybrids and PHEVs to launch in the next three years.   Volvo would also be well positioned for the turn, considering buyer sentiment to the hybrids and PHEVs it's sold for many years now. The SPA1 platform supporting every Volvo with an internal combustion engine remains sound. Given development dollars and improvements in battery technology, there's no reason Volvo couldn't ride an evolution of the architecture into the next decade, and it can also take advantage of platforms and toolkits from parent company Geely. Only a year ago, Geely and Renault agreed on a joint venture to invest 7 billion euros for researching new technologies to make non-hybrid and hybrid gas engines more efficient.  This is clearly what U.S. dealers want based on their comments to AN, one retailer going so far as to say, "We will have to [stick with hybrids], or we will die."  Short term, Volvo's enduring the same pain felt by other automakers.

Volvo buyers have best credit scores among all auto shoppers

Experian, the US credit reporting agency, recently concluded a study into the financing and credit scores of US car buyers. One of the prime findings was that Volvo buyers enjoy the strongest credit scores among new car shoppers from all brands (nota bene, these are Experian's own numbers and can differ from other agencies). Unlike the Forbes report on the same story, though, we don't find that surprising at all, nor do we think it necessarily helps Volvo's upscale brand aspirations. The Gothenburg-based carmaker has sold its wares on tank-like safety for decades, so it seems natural that its buyers would be just as safe with and attentive to their credit scores as they are with their choice of vehicle.
Audi was ranked fourth by consumer credit score, Porsche seventh and Mercedes-Benz ninth, yet the fact that Volvo outranks them in this metric is probably a plus to its bottom line but not necessarily its image. It's not unfair to say more people desire those other luxury brands - Volvo itself has admitted as much - and people in the throes of desire have been known to be a little more let-it-ride about things like credit scores. The differences aren't huge, though: compared to Volvo's 818, Audi shoppers scored at 813, Mercedes shoppers 802. Lexus and Acura intenders took the other two steps on the top-credit-scores podium.
Mitsubishi took the honors at the other end of the charts, Experian finding that its potential customers, with an average of 604, had the lowest scores. Mitsubishi was followed by Suzuki and Dodge. On the other side of the financing table, Toyota led the way in how many of its vehicles were bought with bank assistance, followed closely by Ford, Chevrolet taking third place. Also of note, and for whatever it's worth, not one automaker made both the 'top ten by financing' and 'top ten by credit score' lists, but four made both the financing and 'bottom ten by credit score' lists: Chevrolet, Nissan, Kia and Dodge.