The company isn't ready to talk about the finer details of the machine. However, the price and range suggest that this is most likely to be a sedan than either an SUV or a compact car like the old C30 Electric concept. And Kerssemakers stresses that range is important -- he says that people won't buy an EV unless it has "sufficient" range, even if it's overkill for the daily commute.

Volvo's approach should be important for EVs as a whole by not only making them more accessible, but introducing them to a familiar brand associated with upscale cars. It may also be crucial to the company's success in its home country. Tesla sales are exploding in Sweden, and it would be more than a little embarrassing if Volvo let a foreign rival go unchallenged for more than a few years.