Volvo Q3 2026: EX60 Orders, a Cheaper EV for 2027 and 2,500 Job Cuts
Volvo Cars has taken more than 50,000 orders in Europe for the electric EX60, yet the company slipped into an operating loss in the third quarter of 2026. On 23 October it announced SEK 5 billion (2026, about €450 million) of extra savings, about 2,500 job cuts and a new, lower-priced electric model for Europe with deliveries from after summer 2027.
Key takeaways
- Revenue fell to SEK 66.9 billion (2026, about €6.0 billion) from SEK 86.4 billion a year earlier.
- Underlying operating result: a loss of SEK 3.7 billion (2026, about €330 million), a margin of minus 5.6%.
- Fully electric cars were 32% of global sales and 45% of sales in Europe.
- About 2,500 roles go, 2,000 of them in Sweden.
The numbers
Volvo reported operating income of minus SEK 5.6 billion for July to September. Excluding joint ventures, associates and one-off items, EBIT was minus SEK 3.7 billion. Free cash flow was minus SEK 8.9 billion (2026, about €800 million). Two items weighed on the result: a negative revaluation of US CAFE emission credits worth SEK 1.1 billion after changes to US legislation, and SEK 0.9 billion of losses linked to Polestar. Revenue in China fell by almost half.
Size at a glance
| Dimensions | Volvo EX60 I |
|---|---|
| Length | 4,803 mm189.1 in |
| Width | 1,908 mm75.1 in |
| Height | 1,635 mm64.4 in |
| Wheelbase | 2,970 mm116.9 in |
| Boot | 523 L18.5 cu ft |
| Volvo Cars | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | SEK 66.9 bn | SEK 86.4 bn |
| EBIT excl. JVs and one-off items | SEK -3.7 bn | SEK 5.8 bn |
| EBIT margin, same basis | -5.6% | 6.7% |
| Fully electric share of sales | 32% | 22% |
| Electrified share of sales | 53% | 46% |
Chief executive Håkan Samuelsson said Volvo needs "to reinforce our turnaround plan with additional decisive actions".
The EX60 and the new model for Europe
The Volvo EX60, revealed in January 2026 and built at Torslanda in Gothenburg since April, is the bright spot, with more than 50,000 European orders. In Germany it starts at €62,990 (2026) for the 275 kW (374 PS) P6. According to electrive, the cell-to-body battery structure is slowing the production ramp-up, so delivery times are worth checking before you order.
Volvo plans 13 new cars by the end of 2030. Three will be shown in 2027: two for China and one global electric model aimed at Europe, with customer deliveries after summer 2027. Volvo calls it lower-priced but has given no figures. Auto Express reports the name EX50 and expects it to borrow EX60 technology. That points to the 800-volt SPA3 platform rather than the older 400-volt base of the XC40 family, but Volvo has not confirmed it.
Cuts and what they mean for buyers
The new savings target indirect and variable costs. Volvo expects indirect spending to be almost 25% lower than in 2024 by the end of 2027 and investments about 30% lower. It is also concentrating production in five core plants.
For buyers in Europe little changes in the short term: the EX30, XC40 and EX60 stay on sale, and the EX60 order book suggests waiting times rather than discounts. If you want a smaller and cheaper electric Volvo than the EX60, the realistic choices before late 2027 remain the EX30 and the EX40.
All models: Volvo in the 1CARS catalogue and more battery models in our electric cars section.
Sources
- Volvo Cars: Q3 2026 report press release (23 Oct 2026) (accessed 27 Oct 2026)
- electrive: Volvo announces new volume model for Europe (26 Oct 2026) (accessed 27 Oct 2026)
- Auto Express: New Volvo EX50 to mix EX60 tech with lower price (23 Oct 2026) (accessed 27 Oct 2026)
Found a mistake? Report an error
