The newly debuted Volvo EX30 is many things. It’s the Swedish automaker’s newest dedicated EV model. It’s the new entry point for the brand and, with a surprisingly affordable price tag, Volvo expects it will eventually be one of its best sellers. The EX30 is also the brand’s smallest SUV and its quickest vehicle yet, with a claimed 0-60 time of just 3.4 seconds. It’s kind of a big deal.

The EX30 is a little guy and Volvo’s smallest SUV yet. At 166.7 inches from bumper to bumper, it’s a little more than 8 inches shorter than the already compact XC40 and C40 SUVs. However, unlike the 40 Series, this new model was designed from the ground up as an EV, built on an electrified platform, which enabled Volvo’s designers to stretch the wheelbase to 104.3 inches — only 2 inches short of its larger sibling — which should help it retain pretty good interior volume for its class.

New EX30 Is Volvo’s Smallest, Quickest Electric SUV

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The minimalist Scandinavian design features Volvo’s hallmark Thor’s hammer headlamps which frame the SUV’s grilleless fascia. C-shaped LED tail lights punctuate the rear end, while the passengers inside are treated to an interior that balances a fairly spartan design with an interesting variety of materials and textures. Overhead, a massive glass roof lets in light, visually expanding the compact cabin.

A single large display graces the EX30’s dashboard featuring the latest generation of Volvo’s infotainment software with Google built-in and over-the-air update capability. Like the Tesla Model 3, there’s no instrument cluster ahead of the EX30’s steering wheel — digital or otherwise — so speed and real time driving info live in a dedicated area along the top edge of the screen. Ambient lighting, digital phone as key and, of course, the latest generation of Volvo’s driver assistance round out the small SUV’s technology suite — though the EX30 lacks the EX90’s lidar hump.

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The EX30 will launch with a single-option 69 kilowatt-hour battery pack (of which 64 kWh is usable). In its base configuration, that battery powers a single 268-horsepower electric motor sending a healthy 253 pound-feet of torque to the rear wheels. Volvo estimates this rear-driven EX30 spec will hustle from 0 to 60 mph in around 5.1 seconds and cruise for 275 EPA-estimated miles between charges. It boasts a decent 153-kilowatt charging capacity, so owners can expect DC fast charges from 10% to 80% in around 27 minutes.

Volvo will also offer the EX30 in an all-wheel drive configuration, which adds a second 154-horsepower electric motor to the front axle. This dual motor spec steps up to 422 hp combined and 400 lb-ft of torque, enough grunt to launch to 60 mph in 3.4 seconds. That makes this little pocket rocket Volvo’s fastest-accelerating model, which is impressive. However, the dual-motor EX30 pays a weight and efficiency penalty, dropping to a still respectable 265 miles per charge.

Perhaps the most interesting thing about the EX30 is the price. Volvo says its new entry-point EV will start at $36,145 including the $1,195 destination charge, which will make it one of the most affordable electric cars you can buy when it arrives in 2024. US preorders open today with the promise of more detailed pricing and options info closer to launch.