Volvo Cars report 51,286 global car sales in February, which is 22 percent more than a year ago and the best-ever February. So far this year sales amounted to nearly 100,000 (up 11 percent year-over-year).

The growth is much quicker in the plug-in electric car segment. Last month, Volvo sold 20,678 plug-ins, which is a solid 49 percent increase year-over-year and a very noticeable 40.3 percent of the total volume.

Even more interesting is what is happening in the battery-electric vehicle (BEV) segment. Volvo nearly tripled its sales to 9,574 (up 187 percent). In effect, BEV's share improved to 18.7 percent and is very close to PHEV's share of 21.7 percent.

Sooner or later, all-electric cars are expected to overtake plug-in hybrids - maybe even later this year.

Volvo Recharge result:

  • BEVs: 9,574 (up 187%) and 18.7% share
  • PHEVs: 11,104 (up 5%) and 21.7% share
  • Total: 20,678 (up 49%) and 40.3% share

Volvo Recharge sales - February 2023

So far this year, Volvo plug-in car sales exceeded 40,000 (up 40 percent year-over-year), which is also more than 40 percent of the total volume.

Volvo Recharge sales year-to-date:

  • BEVs: 17,448 (up 170%) and 17.5% share
  • PHEVs: 22,972 (up 2%) and 23.0% share
  • Total: 40,420 (up 40%) and 40.5% share

For reference, in 2022, Volvo sold over 205,000 plug-in electric cars (compared to almost 190,000 in 2021), which was a third of the total volume.

This year, Volvo Recharge car sales might exceed 250,000 or maybe even reach 300,000, if the growth accelerates to 50 percent.

Geographically, as usual, most Volvo plug-in cars were sold in Europe (13,698). In the US, in February, sales increased by 45 percent year-over-year to 2,436. Meanwhile, plug-in electric car sales in China increased by 66 percent to 1,130.

In terms of models, Volvo's lineup includes two all-electric models, the Volvo C40 Recharge and the Volvo XC40 Recharge. In February, the company sold 6,942 electric XC40s and 2,632 C40s.

Volvo is expected to continue the expansion of its plug-in car sales, especially all-electric ones. The next big thing will be the Volvo EX90 large SUV with a 111-kilowatt-hour (kWh) battery. For those who prefer smaller cars, the company hints at a smaller crossover EX30.

Volvo Cars detailed sales results:

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