Volvo Cars announced a global car sales increase of 53,402 in January, which is 10% higher than the previous year. However, while overall sales rose, the company’s plug-in car sales experienced a slight decline.
In January, Volvo reported 19,171 plug-in electric car sales, marking a 3% decrease compared to the same period last year. The share of rechargeable vehicles also decreased to 35.9% from 40.7% a year ago.
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Volvo achieved a record year in 2023
In 2023, Volvo sold globally more than 265,000 plug-in electric cars, marking a 30% increase year-over-year, constituting close to 38% of the brand’s total volume. All-electric car sales also saw a substantial increase by 70% year-over-year to over 113,000.
The main concern for Volvo is plug-in hybrids, which saw a 16% decline in January compared to the previous year. Conversely, all-electric car sales increased by 17% to 9,226, indicating that BEVs are now selling in comparable numbers to PHEVs.
Volvo Recharge sales last month (YOY change):
- BEVs: 9,226 (up 17%) and 17.3% share
- PHEVs: 9,945 (down 16%) and 18.6% share
- Total Recharge: 19,171 (down 3%) and 35.9% share
For reference, Volvo’s plug-in car sales in 2023 exceeded 265,000 cars, marking a 30% increase year-over-year and constituting 37.5% of the total volume.
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Late last 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:
