Volvo gradually gains strength in the electric vehicle sector

One of the automobile industry's most prominent and renowned names, Volvo, starts to slowly fortify its position in the electric vehicle market.

Volvo gradually gains strength in the electric vehicle sector

August 2023 witnessed a notable surge for Volvo Cars, as they experienced an 18% rise in global sales compared to the same time the previous year. But what stands out even more is Volvo's pronounced shift towards eco-friendly mobility.

While Volvo's total car sales for August reached 51,636 units, the limelight was firmly on their plug-in electric vehicles. These vehicles made up a remarkable 33% of the overall sales, recording a leap of 78%, totaling 17,005 units. This progress suggests that Volvo is on course this year to exceed a quarter-million electric car sales, signaling a broader public shift towards environmentally conscious choices.

Delving deeper into the specifics, Battery Electric Vehicles (BEVs) registered a whopping 167% increase year-over-year. On the other hand, Plug-in Hybrid Electric Vehicles (PHEVs) witnessed a commendable 46% rise. The current year's sales figures indicate that BEVs and PHEVs account for 16% and 22.5% of overall sales, respectively.

Volvo gradually gains strength in the electric vehicle sector

On the geographical front, Europe remains the epicenter of Volvo's electric car sales, constituting 60% of the entire plug-in sales. The American market isn't far behind, registering a 94% uptick in plug-in sales. However, it's in China where there seems to be room for growth; the market saw a 16% dip in plug-in electric vehicle sales.

With an ambitious target of achieving a 100% Battery Electric Vehicle (BEV) market share by 2030, Volvo is set to enhance its electric portfolio. Upcoming models such as the Volvo EX90, Volvo EX30, and the newly unveiled Volvo EM90 demonstrate the company's commitment. Volvo isn't just in the business of selling vehicles anymore – they're paving the way for a sustainable, eco-friendly future.