Volvo Cars reported 53,402 global car sales in January, 10% more than a year ago. However, the company's plug-in car sales noted a slight decline.

Last month, Volvo plug-in electric car sales amounted to 19,171 (down 3% year-over-year). The share of rechargeable vehicles amounted to 35.9% (compared to 40.7% a year ago).

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Volvo achieved a record year in 2023

In 2023, Volvo sold globally more than 265,000 plug-in electric cars (up 30% year-over-year), which represents almost 38% of the brand's total volume. All-electric car sales increased even more, by 70% year-over-year to over 113,000.

The main issue for Volvo is plug-in hybrids. Their sales decreased in January by 16% year-over-year to 9,945. It was the fourth year-over-year decline in a row.

In the case of all-electric cars, we can report a 17% year-over-year increase to 9,226. It seems that BEVs are now selling in comparable numbers to PHEVs.

Volvo Recharge sales last month (YOY change):

  • BEVs: 9,226 (up 17%) and 17.3% share
  • PHEVs: 9,945 (down 16%) and 18.6% share
  • Total Recharge: 19,171 (down 3%) and 35.9% share

Volvo Recharge sales - January 2024

For reference, In 2023, Volvo plug-in car sales exceeded 265,000 cars (up 30% year-over-year), which was also 37.5% of the total volume.

Volvo Recharge sales in 2023 (YOY change):

  • BEVs: 113,419 (up 70%) and 16% share
  • PHEVs: 152,561 (up 10%) and 21.5% share
  • Total Recharge: 265,980 (up 30%) and 37.5% share

Geographically, as usual, most Volvo plug-in cars were sold in Europe—13,830 in January (up 8% year-over-year), representing almost 60% of the total volume.

In the United States, plug-in car sales in January decreased by 21% year-over-year to 1,875 and a 24.3% share.

In China, Volvo plug-in electric car sales decreased in January, by 21% year-over-year to 989 units and 6.2% share.

One of the most interesting things is that the all-new Volvo EX30 noted a record 2,297 sales in January (its third month on the market). That's more than 2,092 Volvo C40 Recharge. It also means that the Volvo XC40 Recharge sales amounted to 4,837.

Later this year, the lineup will be expanded with the all-new Volvo EX90, while the Volvo EM90 is already in the pipeline.

Volvo Cars detailed sales results:

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