Prior to the start of production, which is expected to happen in the fourth quarter, Volvo believes the model would probably go through some revisions. It will take the place of Volvo's current EC480E 50-ton excavator. According to Volvo, the cab receives new styling, layout, and amenities, including a high-definition Co-Pilot screen, keyless entry, wired and wireless smartphone charging, and a new work mode switch.

Volvo Smart View with Obstacle Detection, which provides operators with a 360-degree camera view, will be installed on the excavator. Radar is a new addition to the camera system that automatically notifies operators to adjacent obstacles. It also determines whether or not the approaching obstruction is a human.

At ConExpo, Volvo debuted the EC500 prototype. The fourth quarter is the planned time for production. For improved control, the EC500 will receive new electric joysticks. According to Volvo, the user will be able to control the hydraulic pumps separately or simultaneously. The company claims that this will increase safety and result in a better ride because the boom may be manipulated independently without influencing track speed. Operators will get Comfort Driver Control so they can move forward, backward and steer with the joysticks. Each operator's hydraulic settings can be customised and stored in Co-Pilot for later retrieval.