Volvo sales results are surprisingly positive and the perspectives for the near-term seem strong.
Volvo Cars has noted a significant 21% drop in car sales during the challenging first quarter of 2020 (to 269,962), but the plug-in electric car sales actually improve quickly.
According to the latest report, the Volvo Recharge plug-ins are up 79.8% year-over-year to 37,775, which is also 14.0% of the global result. The Swedish brand is clearly on track to hit its goal of 20% plug-ins by the end of 2020. In 2019 at this point, the share was 6.2%.
In June 2020, the Volvo Recharge share was relatively high 17% or almost 10,500 units.
We don't have precise numbers for the U.S. market, but Volvo Recharge models were selling better than last year - by 15.8%.
The potential for future increase is huge. For example, only 3.2% of Volvo cars sold in China were plug-ins. That's a big opportunity.
Later this year, the company will introduce its first series-produced all-electric model, the Volvo XC40 Recharge, which may turn out to be one of the best in the Volvo lineup.
The first step for the successful launch of the XC40 BEV was already made through positive reviews for the Polestar 2, based on the same platform and equipped with similar Google-based infotainment.