Volvo’s First Electric Car is Coming Fast

The company’s first electric car is expected by 2019 and costs $40,000. More details have been revealed by Volvo about the car it plans to bring to market in 2019.

The company told automotive news that the car’s range will be 250 miles and it will cost between $35,000-$40,000 for a starter model.

This is the latest development in a market battle among the automotive giants. They want to compete with companies like GM by producing long-range electric vehicles that can be mass marketed and outdo previous versions.

The Chevy Bolt by GM starts at $36,620 and comes with a 238-mile range. Tesla is also upping its game with a new Model 3 Sedan, expected to cost $35,000 and come with a range of 215, by the end of the year.

However, Volvo has yet to provide details on the specific kind of electric vehicle it will bring to market in 2019. The Swedish car giant entered the electric vehicle space in August 2015 by releasing a plug-in hybrid version of its XC90 SUV. By 2025, the company is hoping to put one million electric vehicles on the road worldwide.