Volvo Cars is celebrating a remarkable 43% year-over-year increase in global BEV sales for the month of March. Let’s take a closer look at their monthly and quarterly EV sales performance.
Reporting a milestone in global sales performance for a single month, Volvo Cars attributes its success to the introduction of their new Electric SUV, the EX30, which significantly boosted sales. Björn Annwall, Volvo Cars’ chief commercial officer & deputy CEO, emphasized their commitment to scaling up sales of the EX30 in the coming months. BEVs accounted for 23% of all cars sold during March.
For electrified cars (BEVs and PHEVs), Volvo Cars achieved a 24% year-over-year increase in sales in March, totaling 33,558 units sold globally, representing a 42% share of all cars sold. Specifically, BEV sales reached 18,021 units, up from 12,621 in March 2023.
In Europe, BEV sales surged by 66% year-over-year, with 8,995 units sold. Electrified cars made up 63% of all cars sold in Europe during March.
In the US, electrified car sales grew by 25% compared to the same period last year, accounting for 24% of all Volvo cars sold. While plug-in hybrids had a remarkable 76% surge, BEV sales experienced a 66% drop. The release of the EX30 in the US is expected this summer.
China saw a decline of 28% in electrified Volvo sales, with 1,039 units sold in March compared to the previous year.
Diving into Q1 2024 results, Volvo Cars witnessed a 27% increase in BEV sales year-over-year. Despite a drop in BEV sales in China (-28%) and the US (-65%), Europe experienced a significant 48% increase.
Highlighting their focus on EVs, Volvo Cars’ CEO, in an interview with Reuters in January, expressed confidence in tremendous growth in the EV market. The company aims to have EVs account for 50% of its sales volume by 2025 and transition to selling only EVs by 2030.
Read more: Volvo Cars announces a new partnership that will reduce charging time for their EVs by 30%.
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