Volvo Global Plug-In Car Sales Rebound To 20,000 In October 2022

All-electric cars for the very first time captured 15% share of the Volvo's sales.

2022 Volvo C40 Recharge

Mark Kane

By: Mark Kane

Nov 6, 2022 at 2:47pm ET

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Volvo Cars (part of Geely) reports 54,317 global car sales in October, which is 6.9% more than a year ago and the second consecutive positive result after over a year of decline. However, that's not enough yet to offset the sales lost earlier this year due to production constraints. Year-to-date, Volvo sold 483,304 cars (down 16.9%).

In the case of plug-in electric car sales, things are now developing pretty well. In October, Volvo sold almost 20,000 plug-ins (up 25% year-over-year), which is also 36.8% of the total volume (not far from a record level).

"Overall underlying demand for the company’s cars remains robust, especially for its Recharge range of pure electric and plug-in hybrid cars."

Volvo can be especially happy that its all-electric car sales almost tripled year-over-year to 8,148 and for the very first time reached a 15% share of the total sales. That's an outstanding result, considering that a new generation of BEVs is just around the corner.

Plug-in hybrids were slightly down, but they still maintain a share of about one-fifth.

Volvo Recharge result:

BEVs: 8,148 (up 187%) and 15.0% share
PHEVs: 11,849 (down 10%) and 21.8% share
Total: 19,997 (up 25%) and 36.8% share

Volvo Recharge sales - October 2022

So far this year, Volvo sold over 148,000 plug-in electric cars, which is almost a third of the total volume.

Volvo Recharge sales YTD:

BEVs: 40,517 (up 122%) and 8.4% share
PHEVs: 108,055 (down 17%) and 22.4% share
Total: 148,572 (up 0.3%) and 30.7% share

For reference, in 12 months of 2021, Volvo sold almost 190,000 plug-in electric cars.

Volvo is expected to continue the expansion of its plug-in car sales, especially all-electric ones, once it introduces its new generation of BEVs.

Geographically, as usual, most Volvo plug-in cars were sold in Europe (14,287 in October and 95,601 year-to-date).

In the US, sales increased in October, by 20% year-over-year to 2,528 (835 BEVs and 1,693 PHEVs).

Interestingly, China noted a 25% decline to 917 units, but it might be highly related to local COVID-19 lockdowns.

Volvo's lineup includes two all-electric models, the Volvo C40 Recharge and the Volvo XC40 Recharge. In October, the company sold 5,042 electric XC40 (up 78%) and 3,106 C40 (new). Both numbers are a record high for the second month in a row.

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Soon Volvo will introduce next-generation BEVs, which are expected to boost sales. The first in line is the Volvo EX90 - an electric successor to the outgoing Volvo XC90.

Volvo Cars detailed sales results: