Volvo U.S. Plug-In Car Sales Hit New Record In 2023 Despite Slower December

In 2023, Volvo all-electric car sales increased by 86% year-over-year, but the real growth is still ahead.

2024 Volvo C40 Recharge and XC40 Recharge

Mark Kane

By: Mark Kane

Jan 7, 2024 at 2:12pm ET

Add InsideEVs as a preferred source in Google

Comment

Volvo Cars USA reports that its car sales in the United States increased in December by 23% year-over-year to 13,609. In the full year, car sales amounted to 128,701 (up 26% year-over-year).

The growth of Volvo's plug-in electric car sales decreased in recent months—mostly due to lower sales of all-electric cars, although it's probably a temporary issue.

Get Fully Charged

Volvo electrification hit a new record

In 2023, Volvo sold in the U.S., a record number of over 35,000 plug-in electric cars (up 28% year-over-year), including a record number of 13,609 all-electric cars (up 86% year-over-year). Between 2023 and 2030, the brand's BEV share is expected to increase from 10 to 100%.

In December, Volvo plug-in electric car sales amounted to 3,232 (up just 0.9% year-over-year), which represents about 23.7% of the brand's total volume.

The slow rate of growth was caused by a significant 39% reduction in all-electric car sales (686 units) compared to a year ago. We assume that it might have something to do with the high base (record sales level in late 2022), as well as the switchover to the new 2024 model year. It's expected that the results will improve in 2024.

Meanwhile, Volvo plug-in hybrid car sales continued to increase in December, reaching 2,546 units (up 23% year-over-year).

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

BEVs: 686 (down 39%) and 5% share
PHEVs: 2,546 (up 23%) and 18.7% share
Total Recharge: 3,232 (up 1%) and 23.7% share

Volvo Recharge sales in the U.S. - December 2023

During the fourth quarter of 2023, Volvo sold 9,311 plug-in electric cars in the U.S. (up almost 10% year-over-year), which is more than a quarter of the total sales. BEVs noted a 9% decline to 2,766 units.

In 2023, Volvo sold over 35,000 plug-in electric cars in the U.S. (up 28% year-over-year), which is almost 28% of the total volume.

Volvo plug-in car sales in 2023 (YOY change):

BEVs: 13,609 (up 86%) and 10.6% share
PHEVs: 22,048 (up 7%) and 17.1% share
Total Recharge: 35,657 (up 28%) and 27.7% share

As we can see, in 2023 Volvo all-electric car sales almost doubled, while plug-in hybrid car sales increased only by several percent.

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

What do you think?

View

Comments

The year 2023 was a record one in terms of plug-in electric car sales for Volvo:

That's mostly thanks to the all-electric car sales growth, which in 2024 will be boosted by two all-new models: the Volvo EX90 and the Volvo EX30, which will join the Volvo XC40 Recharge and the Volvo C40 Recharge.