Volvo Cars ramps up sales by over 50% in 2024
Sales of ‘electrified’ vehicles accounted for 46 per cent of all Volvos sold worldwide in 2024, according to the company. Under the term ‘electrified’, Volvo summarises both battery-electric cars and plug-in hybrids. Mild hybrids are counted separately, just like combustion engines.
The fact that total Volvo sales across all drive types rose by eight per cent from 708,716 to 763,389 vehicles is primarily due to the positive development (+33 per cent) in electrified vehicles – with BEVs, as mentioned, growing more strongly than plug-in hybrids. By contrast, sales of mild hybrids/combustion engines fell by seven per cent to 410,602 vehicles. If this trend continues, Volvo Cars could sell more electrified cars than combustion engines in 2025.
Market development varied greatly from region to region. In Europe, the largest sales region, Volvo grew by 25 per cent to 369,685 cars, of which 133,070 units were fully electric – an increase of 76 per cent. The Swedish company’s electric cars have therefore been well-received in Europe. The share of electric cars in Europe thus stood at 36 per cent. However, if 133,070 of 175,194 electric cars were registered in Europe alone, this also means that there are not many left for the rest of the world.
In the USA, for example, electric car sales have fallen by 59 per cent to 5,608 vehicles – in 2023 there were still over 13,000 electric Volvos. Plug-in hybrids, on the other hand, have increased by 69 per cent to almost 37,300 units. The situation in China is different again: Volvo was able to increase electric car sales there by 33 per cent, albeit at a manageable level of 4,349 units. However, PHEV sales in the People’s Republic fell by five per cent, which is why the ‘electrified’ models were only up three per cent. In China, Volvo’s electric car share is only 2.8 per cent, while in the USA it is 4.5 per cent.
In terms of Volvo’s best-selling models, the all-electric model series have not yet fully come into their own: the XC60, which is only available as a plug-in hybrid, was the most popular model series with 230,853 units and was even able to slightly improve on the previous year’s result. In second place was the XC40/EX40 duo with total sales of 173,890 vehicles (2023: 200,670), although Volvo does not differentiate more precisely between the BEV version and the other drive variants. The SUV flagship XC90 is in third place with 108,621 vehicles sold (2023: 107,549), which received another facelift in 2024. The all-electric EX90 model series and the small EX30 do not yet appear in the top three.
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