AUTO

Volvo’s Electrified Sales Surge as Demand for EVs Hits New Highs

November 4, 2024

Volvo’s sales rose 3% in October, with 48% of all cars sold being electrified models.
In Europe, electrified models made up 66% of Volvo’s sales in October, up 46% from last year.
Despite a 17% drop in overall U.S. sales, Volvo’s plug-in hybrids surged by 67%.

Volvo Cars is seeing impressive sales growth worldwide, fueled by strong demand for its electrified models. In October, the report shows Volvo’s global sales rose by 3%, totaling 61,686 cars. Electrified models, both fully electric (BEV) and plug-in hybrids (PHEV), made up 48% of these sales, showing a clear shift toward sustainable options.

Europe stood out even more with sales of electrified models there jumping by 46% from last October, now accounting for 66% of all Volvo cars sold in the region.

Volvo’s flagship model, the XC60 plug-in hybrid, continues to lead the way, selling 19,846 units in October. The XC40 and EX40 fully electric crossover and SUV follow closely with 14,088 cars sold, and the XC90 plug-in hybrid rounded out the top three with 8,517 units sold. This lineup shows Volvo’s commitment to providing strong, electrified options that suit a wide range of driving styles and preferences.

Volvo’s Chief Executive, Jim Rowan, highlighted the brand’s commitment to an electrified future, noting that Volvo Cars’ “long-term vision aligns with a cleaner, more sustainable world, which drives our growth in electrified models.”

October’s results show this vision in action, with electrified vehicles taking center stage.

Europe Takes the Lead

Europe is where Volvo electric cars are truly thriving. In October, sales reached 30,167 units, which is a 21% jump from last year. Electrified models are quickly becoming the new standard, with sales up 46%. Fully electric models rose by 40%, while plug-in hybrids saw a massive 52% increase.

European drivers are clearly embracing electric options, and Volvo is meeting the demand with popular models like the XC40 fully electric SUV and C40 electric crossover. Year-to-date, Volvo’s sales in Europe have hit 304,586 units, a 30% increase over the same period in 2023.

If you’re looking for a versatile electric SUV, Volvo has you covered with the EX30, EX40 and EX90 fully electric SUVs and EC40 electric crossover, and XC60, XC90, V60, and V90 plug-in hybrid models. These models blend advanced technology with Volvo’s signature Scandinavian style.

In Europe, Volvo’s lineup offers an impressive range of choices, from mild hybrids and plug-in hybrids to fully electric options, which are perfect for drivers focused on sustainable options.

U.S. Market: Gains in Electrified Models Despite Overall Dip

The U.S. market saw a 17% dip in total sales for October, reaching 9,360 units. Yet, the spotlight shines on the sales of electrified models, which rose by 18%, indicating growing interest in Volvo electric cars in the United States.

Plug-in hybrids, like the XC60 and XC90, led this growth with an impressive 67% increase. Even in a contracting market, Volvo’s electrified range, which includes the EX30, EX40, EX90 and EC40, are finding a foothold among American drivers looking for sustainable luxury.

Photo of Volvo XC90 debut at Electrify Expo

China’s Market Trends: Steady Growth for Electrified Vehicles

In China, Volvo sold 13,502 cars in October, a 10% drop from last year. However, electrified models have continued to gain ground, which include the EX30, EX90, XC40 Recharge, C40 Recharge, and the EM90 electric multi-purpose vehicle (MPV). Sales of electrified models rose 23%, a clear signal of the region’s shifting interest in cleaner options. Despite challenges, plug-in hybrid models like the XC90 Recharge, XC60 and S90 are proving resilient.

A Look at the Year’s Performance So Far

Globally, Volvo has seen a solid 9% growth from January through October, totaling 622,608 cars sold. This growth is propelled by surging demand for electrified models, particularly in Europe, where the year-to-date numbers are up 43%. In the U.S., electrified model sales rose by 13%, led by plug-in hybrids, which have proven to be a significant draw for consumers looking to transition to greener options.

Volvo’s focus on a comprehensive range of EVs and plug-in hybrids has enabled it to capture this demand. Models like the Volvo XC60 provide a practical entry point for drivers who want the benefits of a plug-in hybrid electric vehicle (PHEV) without sacrificing space or performance.

For those looking for a larger option, the XC90, available in both plug-in hybrid and mild hybrid configurations, offers the flexibility to choose a model that best suits their lifestyle and driving needs.

Ready to Make the Switch? Now’s the Time

The results speak for themselves. Volvo’s electric SUVs, sedans, and crossovers are surpassing expectations and setting new records along the way. Models like the Volvo EX30, EX90, EX40, and EC40 are perfectly positioned to meet the rising demand as more drivers embrace electric vehicles. Choosing a Volvo electric car means choosing sustainable driving without sacrificing the premium quality Volvo is famous for.

If you’re ready to join the growing community of electric vehicle owners, visit your local Volvo dealership or check out CarsDirect for the latest lease and finance deals on Volvo’s electrified lineup, and see firsthand why so many are choosing Volvo for a sustainable, premium driving experience.