Volvo Cars of North America announces its all-new ā€™07 Volvo S80 flagship sedan will have a price of $38,705 for the 3.2L I-6 model and $47,350 for the V-8 equipped version.

Pricing does not include a $695 destination charge.

The up-level S80 will be the first Volvo sedan available with a V-8 engine, the auto maker says.

Both the I-6 and V-8 mills will be mated to a 6-speed automatic transmission with Geartronic sequential shifting.

All Volvo S80 V-8s will be equipped with the electronically controlled Volvo all-wheel-drive system, while the I-6 will be front-wheel drive.

The ā€™07 model is set to reach U.S. shores in February.