Volvo Cars reported 78,970 global car sales in March, which is 25% more than a year ago and an all-time monthly record. In Q1, sales amounted to 182,687 (up 12% year-over-year).
Volvo's plug-in electric car sales also increased, reaching a new monthly record of 33,558 (up 24% year-over-year). That's 42.5% of that brand's total volume.
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Volvo EX30 takes EV sales to new records
In March, Volvo sold more than 8,600 EX30s. The ramp-up of the new all-electric model will be the company's focus in the coming months.
The rapid growth of Volvo's plug-in electric car sales is associated mostly with all-electric cars. In March, Volvo sold a record number of 18,021 EVs (up 43% year-over-year). That allowed Volvo to set a new record EV share of 22.8%.
Plug-in hybrids are also growing, but only by 8% year-over-year to 15,537, which means that they are behind EVs and are losing their share of Volvo's total volume.
Volvo Recharge sales last month (YOY change):
- BEVs: 18,021 (up 43%) and 22.8% share
- PHEVs: 15,537 (up 8%) and 19.7% share
- Total Recharge: 33,558 (up 24%) and 42.5% share
Volvo Recharge sales - March 2024
In Q1, Volvo's plug-in car sales almost reached 75,000 cars (up 11% year-over-year). That's over 41% of the brand's total sales. All-electric car sales amounted to 38,171 (up 27%).
Volvo Recharge sales year-to-date (YOY change):
- BEVs: 38,171 (up 27%) and 20.9% share
- PHEVs: 36,824 (down 1%) and 20.2% share
- Total Recharge: 74,995 (up 11%) and 41.1% share
For reference, in 2023, Volvo plug-in car sales exceeded 265,000 cars (up 30% year-over-year), which was also 37.5% of the total volume.
Geographically, as usual, most Volvo plug-in cars were sold in Europe. In the United States, plug-in car sales in March increased by 25% year-over-year to 3,642 and a 23.8% share.
The key element of Volvo's EV sales boost is the ramp-up of the all-new Volvo EX30 model. Last month, Volvo sold globally a record number of 8,681 EX30s, which is more than in the previous four months combined.
Björn Annwall, Volvo Cars’ chief commercial officer & deputy CEO said: “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 percent growth and in the months ahead we will focus on ramping-up sales of our EX30.”
The other two all-electric models—Volvo XC40 Recharge and Volvo C40 Recharge—noted 7,175 and 2,165 units sold in March, respectively.
Later this year, the lineup will be expanded with the all-new Volvo EX90, while the Volvo EM90 is already in the pipeline.
Volvo Cars detailed sales results:
