Volvo's first electric car is coming in 2019 with a $40,000 price tag

Volvo XC90VolvoVolvo XC90.

Volvo has revealed more details about the electric car it plans to launch in 2019.

Volvo told Automotive News that the vehicle will have a 250-mile range and a starting price between $US35,000 and $US40,000.

The news highlights how automakers are looking to compete with the likes of General Motors by producing long-range, mass market electric vehicles.

GM’s Chevy Bolt has a 238-mile range and starts at $US36,620. Tesla is also planning to begin shipping its $US35,000 Model 3 sedan with an expected range of 215 miles at the end of this year.

Volvo has yet to announce what kind of electric vehicle it will release in 2019. The German automaker began wading into the electric vehicle space when it released a plug-in hybrid version of its XC90 SUV in August 2015. And by 2025, the company aims to have one million electrified vehicles on the road.

NOW WATCH: Bentley unveils its first electric luxury vehicle

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.