The Volvo EX30 foreshadows the fierce competitive threat U.S. automakers could face from Chinese EV manufacturers that have surged far ahead of global rivals, especially on affordability.
A made-in-China electric vehicle will hit U.S. dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about $8,000 less.
In addition, Geely has slashed manufacturing costs by merging supply chains and sharing platforms and parts with Volvo and other Geely brands, according to two senior Geely managers, who spoke on condition of anonymity because they are not authorized to speak publicly. But Volvo is eligible for tariff refunds under a law that awards them to firms with U.S. manufacturing operations — such as Volvo’s South Carolina plant — that also export similar products, according to U.S. trade law experts and a source familiar with Volvo's tariff-avoidance strategy.Asked about tariff refunds, a Volvo spokesperson said the company pays all legally required duties on cars and parts.
Lance Morgan, sales manager at Volvo Cars Carlsbad in California, said his dealership has already taken deposits for every 2025 EX30 it expects to be allocated.Morgan said more than half of his customers who buy currently available Volvo EVs initially lease them to qualify for the U.S. tax credit — then immediately buy out the lease.The EX30's price and the buzz it's generating help explain U.S. automakers' rising fears of having to compete with low-cost Chinese EV imports.
Some U.S. politicians are calling for higher trade barriers, including U.S. Senator Josh Hawley, a Missouri Republican. The plan worked. Since 2010, Volvo has nearly doubled its global car sales, from 373,525 to more than 708,000 last year.
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