Volvo Cars reported global sales of 52,944 cars in August, up 3 per cent compared to the same period last year. The sales increase was primarily driven by the strong performance of our fully electric cars in Europe, while the Chinese market was more challenging.
The company’s sales of electrified models, fully electric and plug-in hybrid models, grew 47 per cent compared to the same period last year and accounted for 47 per cent of all cars sold during August. The share of fully electric cars constituted 25 per cent of all cars sold for the month.
The total sales for the period of January through August amounted to 498,464 cars globally, an increase of 11 per cent compared to the same period 2023.
“It is good to see that we were able to close out August with continued sales growth. We have a robust brand, and we continue to see solid consumer interest across our lineup,” said Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars. “The performance in Europe was particularly encouraging, as the sales of our EVs continue to grow at a rapid pace, with the EX30 leading the way.”
In Europe, sales reached 21,119 cars in August, up 32 per cent compared to the same period last year. The sales of Volvo Cars’ electrified models increased by 52 per cent compared to the same period last year, and the share of electrified models accounted for 73 per cent of all cars sold in Europe during August.
Sales in the US decreased 2 per cent in August, totaling 10,420 cars. However, sales of plug-in hybrid models increased 84 per cent compared to the same period last year.
Volvo Cars’ sales in China reached 12,185 cars, down 23 per cent compared to August 2023. Sales of electrified models – fully electric and plug-in hybrid models – stood at 1,233 sold cars, an increase of 10 per cent compared to the same period last year.
In August, the Volvo XC60 was the top-selling model with sales of 14,723 cars (2023: 16,476), followed by the XC40/EX40, with total sales of 10,668 cars (2023: 13,942) and the EX30 at 8,346 cars (2023: 0).
| August | August | Jan-Aug | Jan-Aug | |||
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| Europe | 21 119 | 16 051 | 32% | 243 143 | 183 280 | 33% |
| Electrified Models | 15 494 | 10 182 | 52% | 157 931 | 111 727 | 41% |
| – Fully electric | 9 980 | 4 216 | 137% | 91 700 | 46 545 | 97% |
| – Plug-in hybrid | 5 514 | 5 966 | -8% | 66 231 | 65 182 | 2% |
| Mild hybrids/ICE | 5 625 | 5 869 | -4% | 85 212 | 71 553 | 19% |
| China | 12 185 | 15 760 | -23% | 100 122 | 108 468 | -8% |
| Electrified models | 1 233 | 1 125 | 10% | 8 619 | 9 860 | -13% |
| – Fully electric | 236 | 200 | 18% | 2 702 | 2 254 | 20% |
| – Plug-in hybrid | 997 | 925 | 8% | 5 917 | 7 606 | -22% |
| Mild hybrids/ICE | 10 952 | 14 635 | -25% | 91 503 | 98 608 | -7% |
| US | 10 420 | 10 644 | -2% | 81 029 | 81 179 | 0% |
| Electrified models | 3 933 | 2 673 | 47% | 26 346 | 23 294 | 13% |
| – Fully electric | 588 | 859 | -32% | 3 089 | 9 717 | -68% |
| – Plug-in hybrid | 3 345 | 1 814 | 84% | 23 257 | 13 577 | 71% |
| Mild hybrids/ICE | 6 487 | 7 971 | -19% | 54 683 | 57 885 | -6% |
| Other | 9 220 | 9 181 | 0% | 74 170 | 74 565 | -1% |
| Electrified models | 4 368 | 3 025 | 44% | 33 679 | 27 244 | 24% |
| – Fully electric | 2 614 | 1 385 | 89% | 20 817 | 12 908 | 61% |
| – Plug-in hybrid | 1 754 | 1 640 | 7% | 12 862 | 14 336 | -10% |
| Mild hybrids/ICE | 4 852 | 6 156 | -21% | 40 491 | 47 321 | -14% |
| Total | 52 944 | 51 636 | 3% | 498 464 | 447 492 | 11% |
| Electrified models | 25 028 | 17 005 | 47% | 226 575 | 172 125 | 32% |
| – Fully electric | 13 418 | 6 660 | 101% | 118 308 | 71 424 | 66% |
| – Plug-in hybrid | 11 610 | 10 345 | 12% | 108 267 | 100 701 | 8% |
| Mild hybrids/ICE | 27 916 | 34 631 | -19% | 271 889 | 275 367 | -1% |
Volvo Cars in 2023
For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 cars.
