Volvo Almost Doubled Plug-In Car Sales In July 2023

Recharge models accounted for 35 percent of all Volvo cars sold globally last month.

By: Mark Kane

Aug 9, 2023 at 7:44am ET

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Volvo Cars reports 54,165 global car sales in July, which is 21 percent more than a year ago. During the first seven months of 2023, the company sold 395,856 cars (up 18 percent year-over-year).

Volvo plug-in electric car sales almost doubled last month, reaching 18,702 units (up 95 percent year-over-year), which is 34.5 percent of the total volume (compared to 21.5 percent a year ago). However, despite the solid growth, it was the slowest month for plug-ins so far this year (and the slowed since September 2022).

The growth rate was especially high in the case of all-electric cars, which improved 248 percent year-over-year (from a low base of 1,583 units in July 2022, to 5,504 this year).

Plug-in hybrid sales also continue to grow with 13,198 units sold (up 65 percent year-over-year).

Volvo Recharge sales results last month:

BEVs: 5,504 (up 248%) and 10.2% share
PHEVs: 13,198 (up 65%) and 24.4% share
Total: 18,702 (up 95%) and 34.5% share

Volvo Recharge sales - July 2023

So far this year, Volvo plug-in car sales amounted to over 155,000 cars (up 50 percent year-over-year), which is also 39 percent of the total volume.

Volvo Recharge sales year-to-date:

BEVs: 64,764 (up 172%) and 16.4% share
PHEVs: 90,356 (up 13%) and 22.8% share
Total: 155,120 (up 50%) and 39.2% share

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For reference, in 2022, Volvo sold over 205,000 plug-in electric cars, which was 33 percent of the total volume.

This year, Volvo Recharge car sales should easily exceed 250,000, and maybe even reach 300,000.

Geographically, as usual, most Volvo plug-in cars were sold in Europe - 11,285 in July (up 78 percent year-over-year), representing 56 percent of the total volume.

In the United States, plug-in car sales increased by 226 percent year-over-year to 3,132. That's about 29 percent of the total sales.

In China, Volvo plug-in electric car sales increased by 44 percent to 1,170 (about 8 percent of the total).

In terms of models, Volvo's lineup includes two all-electric models, the Volvo C40 Recharge and the Volvo XC40 Recharge. Both will soon get new, more-capable versions (in the US especially interesting will be the rear-wheel drive option). In July, Volvo XC40 Recharge sales amounted to 3,529, compared to 1,975 Volvo C40 Recharge.

In the not-too-distant future, the BEV lineup will be joined by the all-new Volvo EX90 and Volvo EX30, which are expected to significantly increase the BEV share out of the total sales - potentially to over 50 percent.

Volvo Cars detailed sales results: