US: Volvo Plug-In Car Sales More Than Doubled In September 2023

During the quarter, the brand sold almost 9,000 rechargeable cars.

Volvo XC Recharge and C40 Recharge

Mark Kane

By: Mark Kane

Oct 9, 2023 at 7:36am ET

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Volvo Cars USA reports that its car sales in the United States increased in September by 65 percent year-over-year to 10,946. During the first nine months of the year, sales amounted to 92,125 (up 28% year-over-year).

Meanwhile, Volvo's plug-in electric car sales amounted to 3,052 (up 161 percent year-over-year), which is nearly 28 percent of the brand's total volume (compared to less than 18 percent a year ago).

In September, BEVs noted 1,126 sales (up 631 percent from a weak month a year ago). PHEVs still remain far more popular among Volvo customers, with 1,926 units last month.

Volvo plug-in car sales last month (YOY change):

BEVs: 1,126 (up 631%) and 10.3% share
PHEVs: 1,926 (up 90%) and 17.6% share
Total Recharge: 3,052 (up 161%) and 27.9% share

Volvo Recharge sales in the US - September 2023

During the third quarter, Volvo plug-in car sales amounted to 8,857 units, including 3,240 all-electric cars.

So far this year, Volvo sold over 26,000 plug-in electric cars in the US, which is roughly 29 percent of the total volume. BEVs alone represent 12 percent.

Volvo plug-in car sales year-to-date (YOY change):

BEVs: 10,843 (up 154%) and 11.8% share
PHEVs: 15,503 (up 2%) and 16.8% share
Total Recharge: 26,346 (up 36%) and 28.6% share

For reference, in 12 months of 2022, the total volume amounted to 27,909 (27.4 percent of the total volume). This year for sure will be better than 2022.

Volvo's all-electric lineup currently consists of two models - the 2024 model year versions of the C40 Recharge and XC40 Recharge, which are noticeably more attractive in terms of specs than the 2023 model year versions (see more details here).

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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 future, Volvo's BEV lineup will be expanded by the all-new Volvo EX90 model and the Volvo EX30, which will start at an MSRP of $36,245. Most recently, the company announced also an all-electric MPV - the Volvo EM90. The next-generation models are crucial for Volvo's plan to become 100% all-electric by 2030.

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