If all goes to plan, then we can expect to see Volvo launching a Mini Cooper rival sometime in the next couple of years. According to Automotive News, the Swedish automaker wants to expand their lineup by not only taking on the Mini, but also the Audi A1. Speaking directly with Volvo CEO Stefan Jacoby, the publication quoted him as saying that "premium customers no longer define luxury based on the size of the car or number of cylinders, there are other attributes which will come into play."

For example, sales of Europe's entry-premium segment, of which both the Audi A1 and the new Lancia Ypsilon are a part of, increased some 19 percent last year. At the moment, the smallest car in Volvo's lineup is the V40, which competes with the likes of the Audi A3. For Volvo to launch a proper small car, however, they will need a development partner to share the costs, along with finding the proper engine. More than likely, Volvo will pair up with parent Chinese company Geely. No prospective launch date has been announced, but Jacoby made it clear that Volvo intends to make this model happen in the very near future.