Volvo Cars noted a strong 62.3% year-over-year increase of car sales in March to 75,315 globally, while the Q1 number is 40.8% better at 185,698.
For us, the most important thing is that the Swedish brand was able to significantly increase plug-in electric car sales.
The Recharge line-up accounted for 26.0% of the total volume in March, which is almost 19,600. According to our data, the plug-in sales increased by well over 200% year-over-year.
"Volvo Cars’ Recharge line-up of chargeable models, with a fully electric or plug-in hybrid powertrain, remained strong and accounted for 26.0 per cent of all Volvo cars sold globally in March. In Europe, the share of Recharge cars of overall sales was 39.0 per cent."
In Europe, specifically, the Recharge line-up accounted for 39.0% of all Volvo sales. That's a little bit over 15,000. That would explain why the Geely/Volvo/Polestar group (counted together) achieved a 45% plug-in share in the latest JATO Dynamics sales report for Europe.
Outside of Europe, Volvo sold less than 4,600 plug-in cars - for sure a number to improve upon.
Anyway, we would be not surprised if Volvo's Recharge would soon achieve more than 50% share in Europe. Electrification and premium segment combines pretty well as on one hand customers can get more value (silent, smooth and easy drive, better acceleration) while on the other hand manufacturers can more easily accommodate the higher upfront cost.
The decision to ditch the development of conventional engines and focus on electrification a few years ago paid off for Volvo. If the launch of Polestar EV will turn out to be commercially successful, it will be a double win.
Other premium and luxury manufacturers are also turning more towards plug-ins right now.
Volvo Cars detailed results: