Volvo Cars has announced robust global car sales figures for the month of July 2023, showcasing a remarkable 21 percent surge compared to the same period last year. The company’s steadfast momentum extends over the first seven months of this year, with a notable 18 percent year-over-year increase in sales, totaling 395,856 vehicles.
A standout feature of Volvo’s recent sales report is the flourishing adoption of plug-in electric vehicles (PEVs), which contributed substantially to the company’s overall success. The data revealed that plug-in electric car sales surged significantly, nearly doubling during the past month, reaching an impressive 18,702 units. This substantial growth amounts to a staggering 95 percent surge compared to the previous year, accounting for approximately 34.5 percent of the total sales volume. It’s worth noting, however, that this figure marks the slowest month for plug-in sales in the current year, underscoring the remarkable progress witnessed earlier.
Particularly notable is the remarkable uptick in all-electric vehicles (BEVs), with sales soaring by an astounding 248 percent on a year-over-year basis. These figures, albeit from a relatively low base of 1,583 units in July 2022, escalated to 5,504 units this year, underscoring the growing preference for environmentally friendly options among consumers.
The robust growth isn’t exclusive to all-electric vehicles, as plug-in hybrid (PHEV) models continued to gain traction, experiencing a substantial 65 percent year-over-year increase in sales, accounting for 13,198 units sold.
The sales breakdown for Volvo Recharge models in the past month underscores this remarkable growth:
- BEVs: 5,504 units, soaring by an impressive 248%, comprising a 10.2% share.
- PHEVs: 13,198 units, reflecting a solid 65% increase, contributing a 24.4% share.
- Overall: 18,702 units, marking a robust 95% surge and constituting a 34.5% share.
In the broader context of this year’s sales performance, Volvo’s plug-in car sales reached over 155,000 units, demonstrating a substantial 50 percent year-over-year increase and accounting for an impressive 39 percent of the total sales volume.
The breakdown of Volvo Recharge sales in the year-to-date period is as follows:
- BEVs: 64,764 units, soaring by 172%, with a 16.4% share.
- PHEVs: 90,356 units, marking a 13% increase, contributing a 22.8% share.
- Overall: 155,120 units, reflecting a solid 50% increase and accounting for a 39.2% share.
Comparatively, in 2022, Volvo managed to sell more than 205,000 plug-in electric cars, constituting 33 percent of the total sales volume.
With the momentum and trends observed in the current year, it’s anticipated that Volvo’s Recharge car sales will potentially exceed 250,000, or even reach the remarkable milestone of 300,000 units.
Geographically, Europe remains a stronghold for Volvo’s plug-in cars, with 11,285 units sold in July alone, signifying an impressive 78 percent year-over-year increase and constituting a substantial 56 percent of the total sales.
In the United States, plug-in car sales witnessed an astounding 226 percent year-over-year surge, totaling 3,132 units and contributing approximately 29 percent to the overall sales.
Meanwhile, in China, Volvo’s plug-in electric car sales experienced a commendable 44 percent increase, accounting for 1,170 units, or around 8 percent of the total sales volume.
Volvo’s vehicle lineup features two prominent all-electric models, the Volvo C40 Recharge and the Volvo XC40 Recharge. Notably, both models are poised to receive enhanced versions, with particular attention to a rear-wheel-drive option for the US market. In terms of sales, the Volvo XC40 Recharge outperformed the Volvo C40 Recharge in July, with figures standing at 3,529 units and 1,975 units, respectively.
Looking ahead, Volvo has exciting plans to expand its electric lineup, introducing the all-new Volvo EX90 and Volvo EX30. These additions are expected to significantly bolster the market share of BEVs within the overall sales, potentially surpassing the 50 percent mark.
