In June, Volvo Cars reported selling 71,514 units worldwide, an increase of 8% over the same month the previous year. The company’s fully electric small SUV, the EX30, and its stellar performance in Europe and Latin America were the main drivers of the sales surge.
Sales of the company’s electrified vehicles, which include plug-in hybrid and completely electric versions, increased 41% YoY in June and accounted for 48% of all vehicles sold. Of all the cars sold in the month, 26% were fully electric vehicles. With sales of 19,222 cars (2023: 21,053), the Volvo XC60 led the market in June. The XC40/EX40 came in second with 16,195 cars (2023: 18,170) while the EX30 came in third with 12,513 cars (2023: 0).
Total sales for the January to June 2024 period were 388,073 cars globally, an increase of 14% compared H1 2023 (341,691 units).
Volvo Cars, which is committed to going fully electric by 2030, has targeted its EV sales mix to achieve 50% by 2025 and 100% by 2030. In the first six months of 2024, sales of electrified models, fully electric and plug-in hybrid models at 173,668 units were up 27% YoY and accounted for 45% of the Swedish manufacturer’s total sales, compared to 40% in first-half 2023. Of this, fully electric models accounted for 90,760 units, up 53% YoY while PHEVs with 82,908 units saw a 7% YoY increase.
Europe continues to be the best market for the Swedish carmaker – the 193,634 units were up 32% YoY and accounted for 50% of total sales in H1 2024. Also, Europe saw deliveries of 123,955 electrified cars and SUVs – this is a 37% YoY increase and 71% of global sales of Volvo Cars’ BEVs and PHEVs in the first six months of this year.
The USA is the No. 2 global market with 61,012 units albeit with muted growth of 2 percent. Sales of electrified models at 18,651 units were up 7% YoY – while BEV demand was down by a sharp 74% to 1,981 units from 7,603 units in H1 2023, demand for PHEVs rose 69% to 16,670 units from 9,886 units a year ago.
Demand for Volvo cars in China was flat – 78,162 units vs 78,562 units in H1 2023. Mild hybrids / ICE models at 71,906 units were up just 1% while sale of electrified models at 6,256 units was down by 17% YoY.
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