Volvo Cars USA achieved remarkable success in March with 15,315 U.S. sales, marking a 50% increase year-over-year. Year-to-date, sales have risen by 17%, totaling 30,951 units sold.
Last month, Volvo saw a growth in plug-in car sales, driven primarily by plug-in hybrid sales. Unfortunately, the sales of all-electric cars remained relatively low, with a 66% decrease compared to March 2023.
Volvo needs EX models to boost EV sales
Volvo set a record in 2023 by selling over 35,000 plug-in electric cars in the U.S., including 13,609 all-electric cars. To further increase sales in 2024, the introduction of the all-new all-electric EX30 and EX90 models is crucial.
In March, Volvo’s plug-in electric car sales reached 3,642 units, marking a 25% increase year-over-year. However, the percentage of electrified cars in the overall sales mix dropped to 23.8% from 28.4% a year ago.
While plug-in hybrid sales saw a 76% year-over-year increase to 3,291 units, all-electric car sales declined by 66% to 351 units. Volvo must focus on launching the EX30 and EX90 models to bolster its all-electric sales.
Volvo’s plug-in car sales breakdown last month:
- BEVs: 351 (down 66%) with 2.3% market share
- PHEVs: 3,291 (up 76%) with 21.5% market share
- Total Recharge: 3,642 (up 25%) accounting for 23.8% share
In Q1 2024, Volvo sold over 8,000 plug-in cars in the U.S., representing about 26% of the total sales volume. All-electric car sales experienced a 65% year-over-year decline to under 1,000 units.
Breakdown of Volvo’s plug-in car sales year-to-date:
- BEVs: 970 (down 65%) with 3.1% market share
- PHEVs: 7,118 (up 44%) with 23% market share
- Total Recharge: 8,088 (up 5%) accounting for 26.1% share
In comparison, in 2023, Volvo sold over 35,000 plug-in electric cars in the U.S., constituting nearly 28% of the total volume.
The beginning of 2024 presents challenges for Volvo’s all-electric cars. The upcoming launch of the Volvo EX30 and Volvo EX90 could potentially improve the situation later in the year.
Looking ahead, the all-electric Volvo XC40 Recharge and the Volvo C40 Recharge will be renamed to align with the “EX” naming convention, becoming the EX40 and EC40, respectively.