Today, Volvo unveiled its latest range of compact vehicles, built around the company's new Compact Modular Architecture. Dubbed the "40" series, models - which are to go into production beginning in 2017 - will include "a pure battery electric vehicle, as well as Twin Engine plug-in hybrid powertrain variants."

These entries are Volvo's attempt to tap into an emerging market and "opens yet another exciting chapter in the unfolding Volvo story." The announcement of Volvo's small-car strategy comes on the heels of a fruitful first quarter in which the company generated a profit margin of 7.5 percent.

In other news, be sure to check out the all-new V90 station wagon.

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