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Volvo Cars Achieves 6% Global Sales Growth In July With Electric Vehicle Surge
Volvo Cars reported a global sales increase of 6% in July, totalling 57,447 cars compared to the same month last year. This growth was mainly driven by strong sales of fully electric vehicles in Europe. Electrified car sales, including both fully electric and plug-in hybrid models, surged by 49% year-on-year, making up 49% of all cars sold in July. Fully electric cars alone accounted for 25% of the total sales for the month.
From January to July, Volvo Cars sold 445,520 vehicles globally, marking a 13% rise compared to the same period in 2023. Björn Annwall, Chief Commercial Officer and Deputy CEO at Volvo Cars, stated, "We are pleased to report another month of sales growth, which is driven largely by the sales in Europe despite a generally challenging market environment."
In Europe, Volvo Cars saw a significant boost with sales reaching 28,390 units in July, up by 40% from last year. Electrified models were particularly popular, with their sales increasing by 64%, representing 65% of all cars sold in the region during the month.
In contrast, the US market experienced an 11% decline in July sales, totalling 9,597 cars. However, there was a notable increase in plug-in hybrid model sales by 73% compared to the previous year.
Volvo Cars' performance in China showed a decrease with 9,775 cars sold in July, down by 31% from last year. Sales of electrified vehicles – both fully electric and plug-in hybrids – also fell by 3%, totalling 1,130 units.
The top-selling model for July was the Volvo XC60 with 15,577 units sold (down from 18,259 last year), followed by the XC40/EX40 with total sales of 13,818 units (down from 14,594), and the EX30 at 9,201 units (no comparable figure for last year).
Year-to-Date Sales Data
- Plug -in Hybrid 13 ,749 13 ,198 96 ,657 90 ,356 7 % tr >Europe tr >th >JulyJulyJan -JulJan -Jul th > tr >th >2024202320242023 th > tr >| July | July | Jan-Jul | Jan-Jul | ||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | Change | |
| Total Sales | 57,447 | 54,165 | 445,520 | 395,856 | 13% |
| - Electrified Models | 27,879 | 18,702 | 201547 | 155120 | -30% |
| - Fully Electric | 14 ,130 td >5 ,504 104 ,890 64 ,764 62 % tr > | ||||
| Total Sales t d >28 ,39020 ,286222 ,024167 ,22933 %Electrified Models18 ,48211 ,285142 ,437101 ,54540 %- Fully Electric10 ,3142 ,71281 ,72042 ,32993 % | |||||
| - Plug -in Hybrid t d > | 8 ,168 | 8 ,573 | 60 ,717 | 59 ,216 | 3 % |
| Mild Hybrids/ICE t/d > | 9 ,908 | 9 ,001 | 79 ,587 | 65 ,684 | 21 %
The Global Outlook for Volvo CarsThe company’s overall global performance has been mixed across different regions. While Europe showed robust growth and electrification trends continue to rise globally. The US and China markets faced declines but had some positive aspects like increased plug-in hybrid sales in the US. The company aims to become a fully electric car maker by 2030 and achieve net-zero greenhouse gas emissions by 2040. This ambition aligns with their purpose: "For life. To give people the freedom to move in a personal, sustainable and safe way." The company's headquarters are located in Gothenburg with production plants spread across Sweden, Belgium, the US and China. As of December 2023 Volvo Cars employed around 43,400 full-time staff globally. The financial performance for Volvo Cars has been strong as well. In full-year results for 2023 they recorded an operating profit of SEK 25.6 billion and revenue reached SEK399.3 billion. |
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