Volvo is hoping to shake off its troubled past with electric vehicles (EVs) as it launches the EX60, aiming for success through advanced features and cutting-edge tech.

The EX60 marks Volvo’s latest attempt to regain traction in the EV market after a series of hiccups. Its $59,795 price tag makes it more expensive than its traditional gas-powered XC60 counterpart but less so than its hybrid option, reflecting growing demand for electric vehicles.

Volvo CEO Håkan Samuelsson believes now is the right time to launch an EV, asserting that subsidies are no longer necessary as the company can offer superior products. However, the EX60 will face stiff competition from Tesla's Model Y and other up-and-coming models like Rivian R2 and BMW iX3.

With a focus on Western markets, particularly in the US and Europe, Volvo plans to roll out its new hybrid lineup that behaves more like an EV with a combustion engine backup. This strategy could appeal to consumers hesitant about fully transitioning to battery power.