I don't see why they should compete on price. They're a better quality car than a Tesla and any of the other competitions, except for Rivian. Their software is also robust.
To be clear, I love the car. The interior ergonomics and space utilization leave something to be desired though. I traded an XC40 Recharge (same platform and many shared components) for it, and the while the Volvo software was worse the interior was so, so much more usable.