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Volvo Cars Reports Record Global Sales Of 763,389 Vehicles In 2024 With Strong Electrified Model Growth
Volvo Cars achieved a new milestone in 2024, selling 763,389 vehicles worldwide, marking an 8% rise from 2023. In December alone, global sales reached 73,804 cars, which was a slight drop of 3% compared to the same month in the previous year. The company saw notable growth in its electrified vehicle segment.
In 2024, Volvo Cars sold 175,194 fully electric vehicles, a significant increase of 54% from the previous year. Additionally, sales of plug-in hybrid models rose by 16%, reaching 177,593 units. Electrified vehicles made up 46% of Volvo's total global sales for the year. Fully electric cars accounted for nearly a quarter of all sales, up from 16% in 2023.
European markets showed strong performance with sales hitting 369,685 cars in 2024, a substantial increase of 25% over the previous year. Electrified models were particularly popular in Europe, comprising 65% of all Volvo cars sold in the region during this period.
In the United States, Volvo Cars sold 125,243 vehicles throughout 2024, reflecting a slight decline of 3% compared to the full year of 2023. However, electrified model sales grew by 20%, making up 34% of total US sales. Meanwhile, China's market experienced an overall decrease of 8%, with total sales reaching 156,370 cars in the same year.
The top-selling model for Volvo in 2024 was the XC60 with sales figures at 230,853 units. This was followed by the XC40/EX40 models with combined sales of 173,890 cars and the XC90 at third place with sales totaling to108,621 units.
Financial Achievements and Company Overview
In terms of financial performance for the year ending December 2023, Volvo Car Group reported a core operating profit of SEK 25.6 billion. Revenue reached SEK 399.3 billion while global car sales hit a record high at that time with figures standing at708,716 units.
Founded in1927 and now one of the most recognised car brands globally across more than100 countries; Volvo Cars is publicly traded on Nasdaq Stockholm under "VOLCAR B". The company's mission is to offer personal mobility solutions that are sustainable and safe.
Sustainability Goals and Workforce
The company aims to transition entirely to electric vehicles while reducing its carbon footprint significantly by2040. As part of this commitment towards sustainability goals; as at December2023 approximately43;400 full-time employees were working within various departments including product development marketing administration functions primarily based out Gothenburg Sweden where head office is located alongside production plants situated across Gothenburg Ghent Belgium South Carolina US Chengdu Daqing Taizhou China complemented by R&D design centres established both Gothenburg Shanghai China ensuring comprehensive coverage operational efficiency globally.
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