Volvo's U.S. EV Sales Were Still Pretty Low In Q1 2024

Volvo wants to go all-electric, but right now it sells far more plug-in hybrid models.

2024 Volvo C40 Recharge and XC40 Recharge

Mark Kane

By: Mark Kane

Apr 5, 2024 at 9:00am ET

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Volvo Cars USA reported 15,315 U.S. sales in March, up 50% year-over-year. Year-to-date, sales are up 17%, with 30,951 units sold.

Volvo's plug-in car sales also increased last month, although that is only thanks to plug-in hybrid sales growth. All-electric car sales remain a small fraction of overall sales, and EV sales were down two-thirds compared to March of 2023.

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Volvo needs EX models to increase EV sales

In 2023, Volvo sold in the U.S., a record number of over 35,000 plug-in electric cars, including a record number of 13,609 all-electric cars. To significantly increase sales in 2024, the brand needs to finally launch the all-new all-electric EX30 and EX90 models.

In March, Volvo plug-in electric car sales amounted to 3,642, up 25% year-over-year. However, the percentage of overall cars sold that are electrified dropped to 23.8% (compared to 28.4% a year ago).

Unfortunately, Volvo's all-electric car sales decreased last month by 66% year-over-year to 351 units. It means that the plug-in car sales rely mostly on plug-in hybrids. PHEV sales improved by 76% year-over-year to 3,291—the highest level since April 2022.

It seems that Volvo has to bring the EX30 (already sold in other parts of the world) and the upcoming EX90 to market to strengthen its all-electric sales.

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

BEVs: 351 (down 66%) and 2.3% share
PHEVs: 3,291 (up 76%) and 21.5% share
Total Recharge: 3,642 (up 25%) and 23.8% share

Volvo Recharge sales in the U.S. - March 2024

In Q1 2024, Volvo sold over 8,000 plug-in cars (including PHEVs and EVs) in the U.S., which is roughly 26% of the total sales volume. All-electric car sales are down 65% year-over-year to less than 1,000 units, which is a disappointment.

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

BEVs: 970 (down 65%) and 3.1% share
PHEVs: 7,118 (up 44%) and 23% share
Total Recharge: 8,088 (up 5%) and 26.1% share

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

What do you think?

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Comments

The start of 2024 appears to be challenging for Volvo's all-electric cars. Maybe things will improve later this year, especially with the launch of the Volvo EX30 and Volvo EX90.

In the future, the all-electric Volvo XC40 Recharge and the Volvo C40 Recharge will also be renamed to fit the "EX" naming convention: They'll be the EX40 and EC40, respectively.

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