As September drew to a close, Volvo Cars swiftly shifted gears from reflection to full-speed progression. A striking 61,666 global car sales were recorded last month, marking a 25% increase compared to the same period last year. Noteworthy, however, is the exceptional rise in the company’s plug-in electric car sales, hinting at a future electrified and supercharged.
In the initial nine months of 2023, Volvo experienced a surge in its Electric Car Segment by 37%, leading to a total of 21,103 sales. When compared to the preceding year, the overall car sales of the brand elevated by 19%. The current numbers indicate that plug-in vehicles now constitute 34.2% of Volvo's total sales, which is a substantial increase from 31.3% last year. Remarkably, this propulsion in sales has occurred even before the launch of Volvo's upcoming generation of all-electric vehicles, anticipated to notably tilt the scale towards pure electric cars.
Volvo finalizes its electric vehicle plans
The observable sales trend subtly indicates that plug-in hybrid cars have a slender sales edge over all-electric ones. Nonetheless, considering the present growth rate and an impressive 52% escalation in battery electric vehicles (BEVs), this dynamic is predicted to invert shortly. Supporting data reveals a significant growth story: BEVs, like the Volvo C40 Recharge and the Volvo XC40 Recharge, now hold a 15.8% share, reflecting a remarkable 149% increment year-over-year.
Geographically, Volvo’s electrification is not merely confined to its home ground. A global view of sales offers a comprehensive narrative. In Europe, plug-in car sales ascended by 21% to 13,599 units. The United States witnessed an explosive 161% surge to 3,052 units. Even in China, often perceived as a complex market, Volvo managed to mark a 20% elevation in plug-in car sales.
Here’s a compelling point to ponder: Volvo’s strategy extends beyond mere numbers. The automaker envisions a 100% BEV lineup by 2030. With forthcoming models, such as the all-new Volvo EX90 and Volvo EM90, the automaker is not merely adapting to market trends but is on a trajectory to potentially dictate them.