Volvo Cars reports 148,295 global car sales in Q1 2022, which is 20% less than a year ago due to parts supply issues (especially semiconductors). A similar rate of decline was noted in March: -22% to 58,667.
The Swedish brand warns that the situation might be challenging during Q2 as well:
"During the first quarter, the number of cars sold increased gradually to a total of 148,295 cars as the supply chain constraints affecting Volvo Cars and the auto industry continued to slowly ease. However, due to a disturbance related to lack of a specific semi-conductor, Volvo Cars is now experiencing a temporary deviation from that trend which is expected to impact production during the second quarter."
The Volvo Recharge plug-in sub-brand most likely is also heavily affected as the rate of growth decreased significantly compared to previous years.
In Q1, the company sold almost 50,000 plug-in cars (49,774 to be precise), which is 7% more than a year ago. That's a third (33.6%) of the total Volvo volume.
Out of that, over 20,000 units were sold in March (up 7% year-over-year) and 35.5%.
In March, all-electric car sales improved to over 5,000 units (most likely for the first time in a single month), which is over four times more than in the previous year. According to data, in March Volvo sold 3,620 all-electric XC40 and 1,636 C40.
Volvo Recharge sales in March:
- BEVs: 5,256 (up 316%) and 9.0% share
- PHEVs: 15,582 (down 15%) and 26.6% share
- Total: 20,838 (up 7%) and 35.5% share
Volvo Recharge sales - March 2022
So far this year, Volvo sold 49,774 plug-in electric cars (up 7%), which is 33.6% of the total. All-electric car sales amounted to 11,721 (up 224%) and 7.9% of the total.
An interesting thing is that the plug-in hybrid sales are in decline for the third consecutive month.
Volvo Recharge sales YTD:
- BEVs: 11,721 (up 224%) and 7.9% share
- PHEVs: 38,053 (down 11%) and 25.7% share
- Total: 49,774 (up 7%) and 33.6% share
including 6,018 (up 93%) in the US
Europe remains the largest market for Volvo plug-ins. In Q1, the company sold 34,110 plug-ins in Europe (down 5%), which is 72% of all Volvo plug-ins globally, and 40.9% of the total Volvo volume in Europe.
Volvo Cars detailed results: