Volvo is looking to expand, and not just in volume. They are looking to add models to their current crossover lineup at the top and bottom of the range.
At the bottom could be a new XC20 (If we follow the pattern of XC40 and XC60). This car would compete directly with the Audi Q2 and BMW X1 and would ride on a shortened version of the company's CMA (Compact, Modular Architecture) Platform that underpins the Volvo XC40, Polestar 2, and a few Chinese branded vehicles. This model is most likely to be the next one introduced to the Volvo lineup. It is possible that this car may be offered as a pure electric vehicle only.
At the top end could be a new XC100. Built on the next generation of SPA (Scalable Product Architecture) that supports all the rest of Volvo's lineup except the XC40, it could be up to 18 feet long. While the Volvo would feature the standard set of Volvo powertrains, a large Polestar SUV, all electric, could also be built on this platform.
Interestingly, Volvo has also trademarked the XC50 name, meaning it could be thinking of some variation on either the XC40 or XC60.