US: Volvo Plug-In Car Sales Increased 20% In March 2023

This year, the growth is fueled mostly by all-electric cars, which last month noted a 54% increase year-over-year.

By: Mark Kane

Apr 5, 2023 at 10:02am ET

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Volvo Cars USA reports that its car sales in the United States increased in March by 8.5 percent year-over-year to 10,230. During the first quarter, sales amounted to 26,483 (up 16.4% year-over-year).

The growth of plug-in electric car sales is much faster, specifically in the case of all-electric cars, as plug-in hybrids are moving up slower and slower.

In March, Volvo sold 2,905 plug-ins, which is 20 percent more than a year ago and 28.4 percent of the total volume. Meanwhile, all-electric cars were at near record level of 1,038 units (up 54 percent year-over-year), taking 10 percent of the total volume.

Volvo plug-in car sales:

BEVs: 1,038 (up 54% year-over-year) and 10.1% share
PHEVs: 1,867 (up 6% year-over-year) and 18.3% share
Total Recharge: 2,905 (up 20% year-over-year) and 28.4% share

Volvo Recharge sales in the US - March 2023

In Q1 2023, Volvo sold in the US more than 7,700 plug-in electric cars (up 28 percent year-over-year), which is roughly 29 percent of the total volume. It's worth noting that BEVs were up 68 percent year-over-year and, sooner rather than later, should exceed PHEVs.

Volvo plug-in car sales year-to-date in 2023:

BEVs: 2,782 (up 68% year-over-year) and 10.5% share
PHEVs: 4,929 (up 13% year-over-year) and 18.6% share
Total Recharge: 7,711 (up 28% year-over-year) and 29.1% share

Michael Cottone, President, Volvo Car USA and Canada said:

“It has been a strong first quarter with continued growth and desire for our Recharge models. We remain confident that our journey toward being fully electric by 2030 is the right one.”

For reference, in 12 months of 2022, the total volume amounted to 27,909 (22 percent more than a year earlier).

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Volvo's lineup in the US includes only electrified models (mild hybrid, hybrid, plug-in hybrid, or all-electric), including two BEVs (XC40 Recharge and C40 Recharge). In the near future, it will be joined by the all-new Volvo EX90 model, which will be produced locally (alongside the Polestar 3).

By 2030, Volvo intends to increase all-electric car sales share to 100% (globally), as well as increase sales volume to 1.2 million units annually.