Volvo Cars Achieves A 3% Rise In Global Sales Fueled By Electric Vehicle Demand

Published: Thursday, September 5, 2024, 22:36 [IST]

Volvo Cars reported a 3% increase in global sales for August, totalling 52,944 cars compared to the same month last year. This growth was largely driven by strong sales of fully electric vehicles in Europe, despite challenges in the Chinese market. Electrified car sales, including both fully electric and plug-in hybrid models, surged by 47% year-on-year, making up 47% of all cars sold in August.

In Europe, Volvo Cars saw a significant boost, with sales reaching 21,119 cars in August, marking a 32% increase from the previous year. The share of electrified models rose by 52%, accounting for 73% of all cars sold in the region during the month. The EX30 model led this growth.

Chief Commercial Officer and Deputy CEO Björn Annwall commented on the positive trend: "It is good to see that we were able to close out August with continued sales growth. We have a robust brand, and we continue to see solid consumer interest across our line-up."

In contrast, US sales dipped by 2%, totalling 10,420 cars in August. However, plug-in hybrid model sales soared by 84% compared to last year. Meanwhile, China experienced a 23% decline in overall sales to 12,185 cars. Despite this drop, electrified car sales increased by 10%, with fully electric models seeing an 18% rise.

The total global sales from January through August reached 498,464 cars, an 11% increase compared to the same period last year. Fully electric vehicles made up 25% of all cars sold in August alone.

Top-Selling Models

The Volvo XC60 was the top-selling model for August with 14,723 units sold (2023: 16,476). It was followed by the XC40/EX40 with total sales of 10,668 cars (2023: 13,942) and the EX30 at 8,346 units (2023: none).

Sales Data Overview

The table below summarises Volvo Cars' performance across different regions:

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For January through August:

Total global sales: Up by 11%
Total electrified models: Up by 32%
Total fully electric models: Up by 66%
Total plug-in hybrid models: Up by 8%

Company Background

Volvo Cars was established in 1927 and has grown into one of the most recognised car brands globally. The company aims to become a fully electric car maker and achieve net zero greenhouse gas emissions by 2040. As of December last year, Volvo employed around 43,400 full-time staff worldwide.

The company’s headquarters are located in Gothenburg, Sweden. Production facilities are spread across Gothenburg; Ghent; South Carolina; Chengdu; Daqing; and Taizhou. Additionally, R&D and design centres are based in Gothenburg and Shanghai.

Volvo Cars achieved record-breaking figures last year with an operating profit of SEK 25.6 billion and revenue hitting SEK 399.3 billion. Global sales reached an all-time high of 708,716 cars.

This continuous growth reflects Volvo's commitment to sustainability and innovation within the automotive industry.