Volvo Cars Reports All-Time High Global Sales For EVs During a Single Month

Björn Annwall, Volvo Cars' chief commercial officer & deputy CEO, expressed enthusiasm about the positive sales trajectory. According to him, the company plans to intensify efforts to promote the EX30 in the coming months.

BEVs accounted for an impressive 23% of all cars sold by Volvo in March, indicating a growing demand for electric vehicles, per Electrek.

Electrified Cars Performance

In addition to BEVs, Volvo Cars' sales of electrified cars, including both BEVs and Plug-in Hybrid Electric Vehicles (PHEVs), witnessed a commendable 24% year-over-year growth in March, with a total of 33,558 units sold globally. This represents a substantial 42% share of the company's total global car sales.

Notably, BEVs constituted 18,021 of the total electrified cars sold during the month, showcasing a significant increase from the previous year.

Regional Performance

Europe emerged as a strong market for Volvo's BEVs, experiencing an impressive 66% year-over-year growth rate, with 8,995 BEVs sold in March. The region witnessed electrified cars contributing to 63% of all cars sold, reflecting a growing trend towards electric mobility.

Meanwhile, in the US market, electrified car sales surged by 25% in March, constituting 24% of total Volvo car sales. Although Plug-in Hybrids saw a remarkable 76% increase, BEV sales experienced a temporary decline of 66%, primarily due to the delayed release of the EX30 in the US market, scheduled for this summer.

Performance in China

In China, Volvo reported selling 1,039 electrified vehicles in March, a slight decrease of 28% compared to the same period last year.

Quarterly Performance

Looking at the performance in the first quarter of 2024, Volvo Cars witnessed a commendable 27% increase in BEV sales year-over-year, Reuters reports. Despite experiencing a decline in BEV sales in China (-28%) and the US (-65%), the company observed a significant increase in Europe (48%), showing promising growth prospects in key markets.

Volvo Cars remains bullish about its prospects in the electric vehicle market, with the CEO expressing confidence in achieving substantial growth. The company aims for EVs to constitute 50% of its sales volume by 2025 and ultimately transition to selling exclusively electric vehicles by 2030.

To fully sustain its all-electric venture for the next decade, Volvo said last year that it would open a new hub based in Krakow, Poland.

In early January, Volvo Cars' chief executive, Jim Rowan spoke at the Reuters Global Markets Forum about the continuous growth of EVs globally.

"We have much more pricing power and people have got more disposable income so they can afford it if they want to drive an EV," Rowan said, as per Carscoops.