Only yesterday we reported that Volvo may bring its V60 wagon to the U.S. as a hybrid vehicle aimed at niche markets, and that the stylish wagon would be the ideal platform to launch the automaker’s plug-in hybrid technology. Today, we have confirmation that a production ready V60 Plug-In Hybrid will be on show at the 2011 Geneva Motor Show in March.

Developed in partnership with Swedish utility company Vattenfall, the new Volvo V60 Plug-In Hybrid promises a fuel economy of 124 mpg on the European combined cycle and carbon dioxide emissions of below 50 g/km.

Volvo’s plug-in hybrid technology in the V60 features a 2.4-liter five-cylinder turbodiesel engine that drives the front axle and an electric motor driving the rear. In this way Volvo’s V60 Plug-In Hybrid will also be an all-wheel drive vehicle. 

The turbodiesel engine is rated at 215 horsepower while the electric motor pumps out 70 horsepower and is powered by a 12 kWh lithium-ion battery pack. The electric only driving range is roughly 31 miles after which the turbodiesel engine kicks in and the vehicle acts like a regular hybrid.

Volvo has previously confirmed that its first plug-in hybrid vehicle would go on sale in 2012 and prototypes based on the V70 wagon are already being tested in Europe.