In April, Volvo Cars increased its global sales - for the 10th consecutive month - to 62,724 (up 97.5% year-over-year) from a low base a year ago. The high rate of growth is a result of weak base in April 2020 (especially in Europe and the U.S.) as in China it's up just 12%.
According to the company, plug-ins sold under the Recharge subbrand accounted for 24.3% of the total result, which would be more than 15,200 units. We estimated that the plug-in volume increased by 333% year-over-year.
It's quite an achievement to already electrify a quarter of its volume (year-to-date). The total result YTD is roughly 62,000.
"Sales of Volvo Cars’ Recharge line-up of chargeable models, with a fully electric or plug-in hybrid powertrain, remained strong in Europe during the month of April, representing 42.0 per cent of the company’s overall sales in Europe. Globally, Recharge cars accounted for 24.3 per cent of the total sales volume."
In Europe, specifically, the Recharge line-up accounted for 42.0% of all Volvo sales. That's about 10,800+ units. Outside of Europe, Volvo sold some 4,400 plug-in cars (including 1,700+ in the U.S.).
The European sales results indicate to us a clear direction where Volvo brand is heading. Basically, the entire lineup is electrified with plug-in hybrids. With the all-electric Volvo XC40 Recharge now on the market, and more battery-electric models in the pipeline, the plug-in share will only grow.
Who knows, at least in Europe, we are probably just a couple years away from seeing BEV share out of the total Volvo volume at 50%. Also in California, the rate is quite high (currently not far from 50% for BEVs/PHEVs).
So far, Volvo's electrification is one of the quickest among established manufacturers.
Volvo Cars detailed results: