STOCKHOLM -- Volvo today formally unveiled the new XC90, a key part of the automaker's plan to nearly double annual vehicle sales to 800,000 vehicles by 2020.
The flagship SUV has new styling, new safety technologies, more fuel-efficient engines and a more premium interior than the current car, all packaged on a new flexible platform. It is the first vehicle developed by Volvo since Ford Motor sold the Swedish brand to China's Zhejiang Geely Holding Group in 2010.
Volvo will start deliveries of the seven-seat XC90 in global markets including Europe and the U.S. early next year. The SUV has its public debut at the Paris auto show in October.
Volvo has a lot riding on the second-generation XC90, which hasn't been replaced or significantly upgraded since 2002. Company executives plan to leverage the XC90 rollout to spark momentum for the brand.
"This is one of the most important days in our history. We are not just launching a car but relaunching our brand. Today marks a new era for our company,” said Volvo CEO Hakan Samuelsson. "The XC90 paves the way for a portfolio of exciting new cars to come over the next few years."
Volvo spent three years developing the XC90 as part of an $11 billion investment in new vehicles and factories. The XC90 formally severs Volvo's ties with former parent Ford; there are no parts or components on the new XC90 borrowed or shared from Ford.