AUTO

Impressive Growth: Volvo USA and Canada’s 2023 Sales Report

January 5, 2024

Volvo USA and Canada reported a 26% increase in sales for the year 2023 compared to the previous year.
Recharge models, featuring fully electric or plug-in hybrid powertrains, accounted for 28.3% of total sales, with a 30.6% increase over the previous year.
In Canada, Volvo set a new annual sales record with 12,865 cars sold in 2023, surpassing the previous record set in 1974.

In a remarkable year for Volvo USA and Canada, 2023 saw a surge in sales, surpassing expectations and setting new records. With a strong focus on electrification, the company achieved notable milestones that reflect the changing landscape of the automotive industry. The combined sales of both countries reached 141,566 cars for the year, marking a substantial 26 percent surge compared to the previous year. Notably, Recharge models, which encompass fully electric or plug-in hybrid powertrains, played a significant role, constituting 28.3 percent of the year’s sales – a substantial 30.6 percent growth over the previous year. These figures underline Volvo’s commitment to electrification and its growing popularity among consumers in the USA and Canada.

A Year of Success

Volvo USA and Canada reported a total of 141,566 cars sold in 2023, marking a remarkable 26 percent increase compared to the previous year. This impressive growth was driven by a significant rise in the popularity of their Recharge models, which include fully electric or plug-in hybrid powertrains. In 2023, Recharge models accounted for 28.3 percent of total sales, showing a substantial increase of 30.6 percent compared to the previous year.

Image showcasing attendees at Electrify Expo Seattle looking at the Volvo XC40 features — _{Attendees at Electrify Expo Seattle looking at the Volvo XC40 features}

December Highlights

The momentum continued into December, with Volvo USA and Canada selling 14,817 cars, representing a robust 22.4 percent increase over the same period in the previous year. Recharge models continued to gain traction, constituting 25.2 percent of December sales, a notable increase of 7.4 percent compared to the same period last year. Of the Recharge models, fully electric cars accounted for 6.4 percent of the sales mix, emphasizing the growing interest in eco-friendly alternatives.

US Market Performance

In the United States, Volvo’s success was even more pronounced, with 2023 sales reaching 128,701 cars, marking a substantial 26.1 percent increase compared to the previous year. Notably, this included a record-breaking year for sales through the retail channel in the US. December sales in the US reached 13,609 cars, reflecting a 22.4 percent increase over the same period last year. Recharge models represented 23.7 percent of December sales, showing a steady increase of 0.9 percent compared to the previous year.

Top-Performing Models

The XC90 midsize luxury SUV emerged as the top-selling model in the US in December, with 4,844 cars sold, followed closely by the XC60 compact luxury SUV with 4,075 cars and the XC40 small luxury SUV with 3,067 cars. These models have consistently resonated with customers, contributing significantly to Volvo’s success in the North American market.

Photo of the Volvo booth at Electrify Expo in New York

Canadian Triumph

Across the border in Canada, Volvo achieved a historic milestone by setting a new annual sales record with 12,865 cars sold during the year. This surpassed the previous record set in 1974 when 11,763 cars were sold. December sales in Canada soared by an impressive 50.8 percent over the same period the previous year, with a volume of 1,208 cars, marking a new December record. Recharge models played a pivotal role, accounting for 41.9 percent of December sales, reflecting a remarkable increase of 80.7 percent compared to the previous year.

A Message of Gratitude

Mike Cottone, President of Volvo USA and Canada, expressed his gratitude, stating, “Throughout the year, we saw strong demand from our customers for our cars, including our Recharge models. I’d like to thank our retail partners and loyal customers for their commitment to Volvo as we continue on our electrification and growth journey.”

Volvo USA and Canada’s remarkable performance in 2023 showcases their commitment to innovation and sustainability in the automotive industry. With a strong focus on Recharge models and record-breaking sales figures, they are poised to continue their electrification and growth journey in the years ahead.