Volvo Cars’ sales declined by 3% year-on-year in December, reaching 73,804 units, as the demand for hybrid vehicles experienced a downturn.
Despite the overall sales decline, the automaker saw a notable increase in the sale of electrified cars, including fully electric and plug-in hybrid vehicles, which rose by 20% compared to the same period last year.
While fully electric vehicles (EVs) saw a boost, sales of mild hybrids, which rely solely on internal combustion engines, fell by 16%. The Swedish automaker, which is majority-owned by China’s Geely Holding, reported that its total sales for 2024 rose by 8% compared to 2023, with a total of 763,389 cars sold. A significant contributing factor to this growth was the 54% increase in the sale of fully electric models.
In 2024, Volvo’s fully electric vehicles accounted for 23% of the company’s global sales, up from 16% in 2023. This reflects the company’s growing emphasis on EVs as part of its broader strategy to transition to a more sustainable future.
