In recent news in the auto world, Volvo is currently building an electric vehicle, and, somewhat surprisingly, it's unusually not going to cost a ton of money compared to the likes of Tesla's EV's. Lex Kerssemakers, CEO of the luxury car maker's USA arm, recently told journalists at the recently-concluded Geneva auto show that Volvo is aiming to launch the car in 2019 with a $35,000 - $40,000 price range.

According to Mashable, very few details are known about the electric car at this point, not even its size has been decided. But Kerssemakers claimed that it will have a range of at least 250 miles.

Volvo has also already offered hybrid variants of several of its models, including their popular XC90 SUV and the V60, but it will not possess a purely electric car.

Kerssemakers said that "If I want to make a point in the United States if I want to make volumes, that's what I believe I need." Developing an entirely new vehicle and bringing it to the open market in just less than two years is a very daring task, however, Kerssemakers said Volvo's modular platforms will make it all possible.

According to Kellhub, the pricing places Volvo's vehicle neck and neck with its chief competitors. For instance, Tesla's upcoming Model 3, which will have a 215-mile range and is slated to arrive in later this year, will start at $35,000 before incentives make it go higher.

Chevrolet's Bolt, on the other hand, which has a 238-mile range and is already available in the U.S. for $37,500 before incentives. A lot can happen between now and 2019, hopefully, more will be known about Volvo's EV in a few months' time.