Volvo is building an electric vehicle, and, somewhat surprisingly, it's not going to cost a ton of money.

According to Automotive News, Lex Kerssemakers, CEO of the luxury car maker's USA arm, told journalists at the Geneva auto show that the company aims to launch the car in 2019 with a $35,000 - $40,000 price.

Very few details are known about the car at this point — not even its size has been decided — but Kerssemakers claimed it will have a range of at least 250 miles.

Volvo already offers hybrid variants of several of its models, including the XC90 SUV and the V60, but it doesn't have a purely electric car.

"If I want to make a point in the United States, if I want to make volumes, that's what I believe I need," he said.

Developing an entirely new vehicle and bringing it to market in less than two years is a daunting task. However, Kerssemakers said Volvo's modular platforms will make it possible.

The pricing places the vehicle neck and neck with its chief competitors; for example, Tesla's Model 3, which will have a 215-mile range and is slated to arrive in late 2017, will start at $35,000 before incentives. And Chevrolet's Bolt, which has a 238-mile range and is already available (albeit in a limited fashion) in the U.S., costs $37,500 before incentives.

A lot can happen between now and 2019; hopefully we'll know more about Volvo's EV in a few months, when the company decides on the car's form factor.