Volvo Cars Reports October Sales Boost Driven by 40% Surge in Electric and Plug-In Hybrid Models

Volvo Cars posted a 3% increase in global sales for October, reaching 61,686 units, driven primarily by strong demand for electrified models in Europe, according to the company’s latest report.

The Sweden-based automaker, majority-owned by China’s Geely Holding, noted that fully electric and plug-in hybrid models surged by 40% year-on-year, making up nearly half (48%) of all sales for the month. Fully electric models accounted for 22% of total October sales.

Europe, Volvo’s largest market, saw a 21% sales increase to 30,167 vehicles, with electrified models representing 66% of cars sold—a 46% rise from the same period last year. In the U.S., October sales dropped 17% to 9,360 units, though electrified vehicle sales grew 18%, led by a 67% increase in plug-in hybrid sales. Chinese sales declined by 10% to 13,502 units, but electrified models rose 23% to 1,436 vehicles sold.

Among Volvo’s top-performing models, the XC60 led with 19,846 sales (compared to 20,212 a year prior), followed by the XC40/EX40 with 14,088 sales, and the XC90 with 8,517 units, slightly above last year’s 7,961.

From January to October, Volvo’s global sales totaled 622,608 cars, marking a 9% increase compared to the same period in 2023.