EV sales push Volvo Cars to record highs

  • March 2024: Volvo achieves record EV sales, totalling 33,558 units globally.
  • Electrified models contribute significantly, comprising 42% of total sales.
  • Europe and US markets show strong demand, with EVs making up 63% and 24% of sales respectively.

Volvo Cars achieve record high EV sales across March 2024

In March 2024, Volvo Cars celebrated a significant milestone in electric vehicle (EV) sales. The company recorded its highest global sales ever, totalling 78,970 vehicles, representing a remarkable 25% increase from the previous year. This surge in sales was predominantly driven by the strong performance of Volvo’s electrified models.

Volvo’s lineup of electrified vehicles, including fully electric and plug-in hybrid models, experienced a substantial 24% increase in sales compared to the same period last year. In March alone, Volvo sold 33,558 electrified cars globally, comprising an impressive 42% share of the total sales volume. Notably, fully electric cars accounted for 23% of all cars sold during the month.

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Björn Annwall, Volvo Cars’ Chief Commercial Officer and Deputy CEO, commented:

“These numbers reflect the strength of our strategy and product diversity – offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix. We are making good progress towards our annual sales target of at least 15 per cent growth, and in the months ahead we will focus on ramping up sales of our EX30.” 

Regionally, Europe emerged as a significant market for Volvo’s EVs, with sales soaring by 33% in March. Electrified cars played a pivotal role in this growth, constituting a remarkable 63% of all cars sold in the region during the month. Similarly, in the US, Volvo witnessed a remarkable 50% increase in EV sales compared to March 2023, with electrified cars contributing 24% to the total sales volume.

Despite facing a minor setback in China, where EV sales saw a 28% decline, Volvo’s overall EV sales performance remains robust. The top-selling models for March 2024 included the XC60, XC40, and XC90, showcasing the increasing popularity of Volvo’s electrified lineup.

Volvo’s record-breaking EV sales figures reflect the growing demand for sustainable transportation options. As the company continues to expand its electrified lineup and focus on strategic growth initiatives, it remains at the forefront of the electric vehicle revolution, poised to drive the transition to a greener automotive industry.

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