US: Volvo Plug-In Car Sales More Than Tripled In July 2023

Almost one in three new Volvo cars is rechargeable.

2023 Volvo XC40 Recharge

Mark Kane

By: Mark Kane

Aug 5, 2023 at 12:14pm ET

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Volvo Cars USA reports that its car sales in the United States increased in July by 57 percent year-over-year to 10,785. During the first seven months of the year, sales amounted to 70,535 (up 23% year-over-year).

Volvo's plug-in electric car sales were also very solid. In July, the company sold 3,132 rechargeable cars (up 226 percent year-over-year, but from a relatively low base of July 2022, when less than a thousand units were sold). Plug-ins represented 29 percent of the brand's total volume.

It's worth noting that all-electric sales are increasing quickly and gradually reducing the gap to plug-in hybrid cars (in June, BEVs were even above PHEVs for the first time).

Volvo plug-in car sales last month:

BEVs: 1,255 (up 1,235% year-over-year) and 11.6% share
PHEVs: 1,877 (up 117% year-over-year) and 17.4% share
Total Recharge: 3,132 (up 226% year-over-year) and 29.0% share

Volvo Recharge sales in the US - July 2023

So far this year, Volvo sold over 20,000 plug-in electric cars in the US, which is roughly 29 percent of the total volume. BEVs alone represents 12.6 percent.

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

BEVs: 8,858 (up 127% year-over-year) and 12.6% share
PHEVs: 11,763 (down 9% year-over-year) and 16.7% share
Total Recharge: 20,621 (up 22% year-over-year) and 29.2% share

For reference, in 12 months of 2022, the total volume amounted to 27,909 (27.4 percent of the total volume).

To further increase all-electric car sales in the US, Volvo recently announced the 2024 model year versions of the C40 Recharge And XC40 Recharge, which are noticeably more attractive in terms of specs than the current 2023 model year versions.

The imported Volvo models are not eligible for the $7,500 federal tax credit, but the incentive might be included in the lease rates.

In the not too distant future, Volvo's BEV lineup (XC40 Recharge and C40 Recharge) will be expanded by the all-new Volvo EX90 model and the recently unveiled Volvo EX30. The next-generation models are crucial for Volvo's plan to become 100% all-electric by 2030.

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

“Demand for Volvo cars continues to grow in the U.S. and Canada. After the successful debut of our smallest ever SUV, the Volvo EX30, we are looking forward to continuing on the path to being fully electric.”