Volvo's first electric car is coming in 2019 with a $40,000 price tag
Volvo told Automotive News that the vehicle will have a 250-mile range and a starting price between $35,000 and $40,000.
The news highlights how automakers are looking to compete with the likes of General Motors by producing long-range, mass market electric vehicles.
GM's Chevy Bolt has a 238-mile range and starts at $36,620. Tesla is also planning to begin shipping its $35,000 Model 3 sedan with an expected range of 215 miles at the end of this year.
Volvo has yet to announce what kind of electric vehicle it will release in 2019. The German automaker began wading into the electric vehicle space when it released a plug-in hybrid version of its XC90 SUV in August 2015. And by 2025, the company aims to have one million electrified vehicles on the road.