The XC90 has been unveiled at the Paris motor show.
Order books will open shortly, with first deliveries in early 2015. Prices are expected to start around £40,000.
Here's everything we know about the new car so far.
It is the first car to be built on Volvo's new SPA (Scalable Product Architecture) platform, which will eventually form the basis of all new Volvos. The platform has been designed to allow Volvo to build a wide range of cars, powertrains, electrical systems and other new technologies on the same basic structure. Volvo also says it gives its designers more freedom to create the look of future cars.
This new platform will allow the XC90 to be offered with a selection of different engines and powertrains, including a petrol-electric plug-in hybrid that will be capable of returning in excess of 100mpg - officially at least.
This seven-seat version of the XC90 will be the top-of-the-range model, and is expected to be able to travel around 25 miles on electricity before the 2.0-litre petrol engine kicks in.
Volvo will also offer two diesel engines in the new car, both four-cylinder units that will be badged D4 and D5. The latter produces 222bhp and 347lb ft of torque, with estimated economy of around 47mpg. Entry-level cars get the 187bhp D4 with 295lb ft of torque, which should manage up to 56mpg.
Read more about the 2015 Volvo XC90's engines.
The XC90 will also have a much more luxurious cabin than the old version, with an iPad-style touch-screen taking centre stage on the dashboard. This screen will control almost all of the in-car functions, although a row of switches below it will control the hazard lights, screen demister the audio volume and the glovebox release.
The touch-screen is also set to integrate with the driver's mobile phone, and will work with both Apple and Android systems.
Elsewhere in the cabin, Volvo promises the XC90 will come with more legroom in all three rows, thanks to slimmer seats and a four-zone climate control system.
Read more about the 2015 Volvo XC90's cabin.
Safest Volvo ever
Volvos already enjoy a good reputation for safety, but the company says that the new XC90 will be the safest model it has ever made.
It will come with a series of safety systems, including several world firsts, including one that brakes the car automatically if it is about to turn in front of an oncoming car. It will also offer more protection for the occupants in the case of the car unintentionally running off the road, by tightening the seat belts.
Other safety features in the new XC90 will include pre-crash protection for rear impacts, which tightens the belts, flashes the lights and applies the brakes to lessen the impact. It will also come with city braking systems, queue assist to automatically follow the car in front in slow-moving traffic, and a digital display that relays information from road signs.
The new XC90 will come with 12 ultrasonic sensors positioned around the car which enable the car to park itself in both a parallel space and a perpendicular parking bay.
The parallel space has to be 1.2 times the car's length, while the car needs an extra metre of space around the car to park itself in a bay.
It will also have four fish-eye cameras to give the driver a bird's-eye view of the car to help with reversing.
Volvo has also confirmed the new front headlamp design of the XC90, which it is set to use on all its future models in order to give its cars a distinct identity.
Nicknamed ‘Thor’s Hammer’ running lights by Volvo, the T-shaped graphic is a nod to the shape of the hammer used by the Nordic God of Thunder, Thor.