The 20 series is currently under review.
With the development of the new BMA architecture (smaller than CMA but evolved from it) for Geely by CEVT (Geely-Volvo centre based in Sweden), a 20 series is very doable.
With the synergy with Geely the economies of scale for the BMA platform are there so this is a low risk venture for Volvo. A useful introductory point to the brand. Risks are making the interior parts of a high enough quality and standard to be a Volvo but still have a good profit on each 20 series sold.
Other options are to let Lynk move into the 20 series space leaving Volvo to larger cars.