Volvo Will Introduce New Model, The 'P1,' to Compete With BMW
Volvo, one of Ford Motor Co.'s luxury brands, is looking to broaden its appeal with a new vehicle priced in the $22,000 to $23,000range, according to a Wall Street Journal story by Norihiko Shirouzu.Victor Doolan, executive director of North American marketing and distribution strategy for the No. 2 auto maker's Premier Automotive Group, said, after the company's annualshareholders meeting, that the new Volvo vehicle, named "P1," will replace the Volvo S40, currently the most affordable car in the Swedish brand's product lineup.The new car is intended as PAG's answer to anentry-level vehicle that Germany's Bayerische Motoren Werke AG is developing, according to Doolan. Doolan said he expects the new BMW car to be priced around $25,000 in the U.S. He declined to elaborate further on Volvo's new product, according to the Journal.