In a remarkable display of growth, Volvo Cars USA witnessed a significant 57 percent year-over-year increase in car sales during the month of July, reaching an impressive total of 10,785 units. Over the span of the first seven months of the year, sales soared to 70,535 units, reflecting a substantial 23 percent year-over-year upswing.
Notably, Volvo’s plug-in electric car segment demonstrated exceptional performance, with 3,132 rechargeable vehicles sold in July alone, marking a remarkable 226 percent year-over-year increase. These figures, however, should be considered in the context of a relatively low base from July 2022 when only a modest number of a thousand units were sold. Plug-in electric vehicles accounted for an encouraging 29 percent of the brand’s total sales volume.
An intriguing development was the rapid growth of all-electric sales, as they gradually narrowed the gap with plug-in hybrid cars. In June, battery electric vehicles (BEVs) even outpaced plug-in hybrids (PHEVs) for the first time.
Volvo’s plug-in car sales for the previous month break down as follows:
- BEVs: 1,255 units, an astounding 1,235 percent year-over-year increase, constituting an 11.6 percent share.
- PHEVs: 1,877 units, showing an impressive 117 percent year-over-year rise, representing a 17.4 percent share.
- Total Recharge: 3,132 units, exhibiting a remarkable 226 percent year-over-year surge, and accounting for a noteworthy 29.0 percent share.
Year-to-date in 2023, Volvo has successfully sold over 20,000 plug-in electric cars in the United States, amounting to approximately 29 percent of the total sales volume. Of this figure, BEVs alone hold a commendable 12.6 percent share.
A detailed breakdown of Volvo’s plug-in car sales for the year-to-date in 2023 is as follows:
- BEVs: 8,858 units, indicating a commendable 127 percent year-over-year increase, and a 12.6 percent share.
- PHEVs: 11,763 units, reflecting a modest decline of 9 percent year-over-year, with a 16.7 percent share.
- Total Recharge: 20,621 units, highlighting a robust 22 percent year-over-year increase, and capturing an impressive 29.2 percent share.
To further bolster all-electric car sales in the United States, Volvo recently unveiled its highly anticipated 2024 model year versions of the C40 Recharge and XC40 Recharge. These upgraded models boast enhanced specifications and features, aiming to capture the attention of eco-conscious consumers.
It’s important to note that imported Volvo models currently do not qualify for the $7,500 federal tax credit. However, there is a possibility that this incentive could be factored into lease rates, potentially making electric vehicles more appealing to potential customers.
Looking ahead to the near future, Volvo’s BEV lineup, consisting of the XC40 Recharge and C40 Recharge, is set to expand with the introduction of the all-new Volvo EX90 model and the recently unveiled Volvo EX30. These next-generation models play a pivotal role in Volvo’s ambitious plan to transition to a 100 percent all-electric brand by the year 2030.
Michael Cottone, President of Volvo Car USA and Canada, expressed his enthusiasm about the growing demand for Volvo cars in North America. He stated, “After the successful debut of our smallest ever SUV, the Volvo EX30, we are looking forward to continuing on the path to being fully electric.”
