Volvo expects the EX60 to become one of its best-selling vehicles ever, with over 50,000 orders already in Europe. But as demand builds, Volvo is struggling to ramp up production.
Volvo EX60 orders top 50,000 as production lags behind
After reporting third-quarter earnings on Friday, Volvo said the EX60 has been “a big success” so far, receiving over 50,000 orders in Europe since production began in April.
However, the company has built only around 5,000 units so far because of “new industrial technology,” Volvo said, such as the EX60’s cell-to-body structural battery design and manufacturing changes required for its new SPA3 platform.
The Swedish automaker admitted that the production ramp-up is “taking longer than planned,” but promised volumes are steadily improving.
Volvo Car’s president and CEO Håkan Samuelsson said the EX60 will be a cornerstone of Volvo’s comeback plan as one of its most profitable models, but warned that the financial impacts will not be realized until volume picks up.
After delivering the first models in Europe this summer, Volvo planned to ramp up production as the EX60 arrived in new markets, including the US.
Volvo initially expected to sell about 7,000 EX60s in the US by the end of 2026, but a dealer told Automotive News last week that the company is on pace to deliver just a fraction of that.
In a note sent to dealers in late September, Volvo said it had delayed customer deliveries in the US. A company spokesperson confirmed that EX60 availability will “remain limited” in the short term. In early 2027, Volvo expects to distribute significantly more inventory to dealers.
The delay comes at a crucial point as Volvo aims to lower its break-even point and improve cash flow as part of its turnaround plan.
As part of the restructuring, Volvo is cutting about 2,500 jobs globally, 2,000 of which are based in Sweden.
Volvo posted a loss of SEK -3.7 billion ($373 million) in the third quarter, with its operating profit margin falling to -5.6%.
“We continue to operate in a very tough environment with strong external challenges: de-globalization, hypercompetition and climate change,” Samuelsson said. He added, “In the short term, with severely challenged volumes, we need to reinforce our turnaround plan with additional decisive actions.”
Electrek’s Take
While Volvo struggles to ramp up production, other luxury brands, such as BMW, are also seeing early success with their next-generation electric vehicles.
The iX3, based on BMW’s Neue Klasse platform, received over 100,000 orders after it went on sale in October 2025.
BMW recently added a third shift at its new manufacturing plant in Debrecen, Hungary, just months after it introduced a second shift as it ramps up output.
Volvo is betting on its new SPA3 platform to lower production costs, boost profit margins, and accelerate its push into software-defined vehicles.
As part of its turnaround plan, Volvo is working on its largest-ever product push. The plans include 13 new cars through the end of 2030.
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