Volvo Global EV Sales Hit A New Record Share In February 2024

Volvo Cars reported 50,315 global car sales in February, 2% less than a year ago. The company associates the decline with the sharp drop in China (down 39% to 7,911) due to the timing of the Lunar New Year.

At the same time, Volvo's plug-in electric car sales increased slightly—by nearly 8% to 22,266, reaching a new record share out of the brand's total volume of 44.3%. A year ago, the share stood at 40.3%, while the previous record was 43.8% in December 2022.

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Volvo achieved a record year in 2023

In 2023, Volvo sold globally more than 265,000 plug-in electric cars (up 30% year-over-year), which represents almost 38% of the brand's total volume. All-electric car sales increased even more, by 70% year-over-year to over 113,000.

Volvo explains that rechargeable car sales were mainly driven by the growth of all-electric car sales. In February, the company sold 10,924 units (up 14% year-over-year), which allowed it to achieve a record 21.7% share.

Plug-in hybrids barely improved last month—by 2% year-over-year to 11,342—after four straight months of decline. We guess that soon all-electric cars will outpace plug-in hybrids.

Volvo Recharge sales last month (YOY change):

• BEVs: 10,924 (up 14%) and 21.7% share
• PHEVs: 11,342 (up 2%) and 22.5% share
• Total Recharge: 22,266 (up 8%) and 44.3% share

Volvo Recharge sales - February 2024

So far this year, Volvo's plug-in car sales exceeded 41,000 cars (up 3% year-over-year), which is also 40% of the brand's total volume.

Volvo Recharge sales year-to-date (YOY change):

• BEVs: 20,150 (up 15%) and 19.4% share
• PHEVs: 21,287 (down 7%) and 20.5% share
• Total Recharge: 41,437 (up 3%) and 40% 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—16,133 in February (up 18% year-over-year), representing almost 72% of the total volume. Over 60% of all Volvos sold in Europe were rechargeable last month.

In the United States, plug-in car sales in February increased by 6% year-over-year to 2,571 and a 32.5% share.

One of the most interesting things to watch is the ramp-up of the all-new Volvo EX30, which noted 3,566 sales in February (a new record). The Volvo C40 Recharge sales amounted to 1,792, which leaves 5,566 for the all-electric Volvo XC40 Recharge.

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: