Volvo Cars has achieved growth for the 17th consecutive month at the start of 2024. This growth has been predominantly led by the sales of its all-electric models, with global EV sales rising by 17% in January.
Volvo EV sales lead January growth
Volvo reached a total of 53,402 vehicle sales last month, marking a 10% increase and marking the company’s 17th straight month of growth. Despite a 3% fall in sales of Volvo’s Recharge models (EV and PHEV) to 19,171, sales of fully electric vehicles continued to show a higher demand.
This growth has been driven by a 17% increase in EV sales, with 9,226 electric Volvo models being sold last month. Volvo saw a significant increase of 40% in electric car sales in Europe, with declines in EV sales in China (-50%) and the US (-66%) in January.
PHEV sales also experienced a 15% YOY fall in Europe, totaling 7,471. However, Volvo witnessed a 1% increase in the US, with a sales figure of 1,615. Volvo’s Recharge models accounted for 36% of all cars sold globally in January, while EVs contributed to 17% of the share.
Volvo’s expectations for the remainder of 2024 include an ongoing momentum in sales of its all-electric vehicles. The company is also rolling out its smallest and most affordable EV, the EX30, starting at $34,950 in the US and €36,590 in Europe, anticipating remarkable growth this year.
Volvo is launching its first electric three-row SUV, the EX90, in 2024, competing with models such as the Rivian R1S, Kia EV9, and Mercedes EQS, starting at $76,695 in the US. In its second-largest market, China, Volvo is also introducing its first electric minivan, the EM90, featuring a 450-mile CLTC range and a “Scandinavian living room.”
With a commitment to an all-electric lineup by 2030, Volvo aims to achieve a 50% EV sales share by 2025, which would amount to around 600,000 units sold. Volvo CEO Jim Rowan is optimistic about the company’s progress in achieving its future targets.
Electrek’s Take
Being one of the first legacy automakers to transition to all-electric vehicles, Volvo continues to experience positive outcomes. Volvo expects its EX30 to become one of its best-selling models and aims to maintain its sales momentum in 2024 with attractive EV offerings in key segments.
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