Volvo's U.S. Car Sales Growth Was Mainly Driven By PHEVs In April 2024

Buyers are probably waiting for the next generation of Volvo EVs: the EX30 and EX90.

Volvo XC40 Recharge

Mark Kane

By: Mark Kane

Updated: May 6, 2024 at 1:48pm ET

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Volvo Cars USA reported 10,604 U.S. sales in April, up 10% year-over-year. Year-to-date, sales are up 15%, with 41,555 units sold. Volvo's plug-in car sales increased last month too, reaching 3,334 units—13% more than a year ago. That's about 31.4% of the brand's total volume (compared to 30.7% a year ago).

The company said its overall growth in April was mainly driven by an 89% increase in plug-in hybrid car sales. Volvo sold 3,006 PHEVs, 28.3% of all cars.

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Volvo needs EX models to increase EV sales

In 2023, Volvo sold a record number of over 35,000 plug-in electric cars in the U.S., including a record number of 13,609 all-electric cars. In 2024, a lot depends on the upcoming all-new all-electric EX30 and EX90 models.

Unfortunately, we can't see similar growth on the all-electric side. Volvo's EV sales have remained low for several months now. April was not an exception, with just 328 units (down 76% year-over-year).

As we understand, buyers are waiting for the next-generation Volvo EX30 and Volvo EX90 models. Once they will arrive in volume, we should see a surge in EV sales.

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

BEVs: 328 (down 76%) and 3.1% share
PHEVs: 3,006 (up 89%) and 28.3% share
Total Recharge: 3,334 (up 13%) and 31.4% share

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

So far this year, Volvo has sold over 11,400 plug-in cars in the U.S., which is 27.5% of the total sales volume. However, all-electric car sales are down 69% year-over-year to less than 1,300 units, which is disappointing.

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

BEVs: 1,298 (down 69%) and 3.1% share
PHEVs: 10,124 (up 55%) and 24.4% share
Total Recharge: 11,422 (up 7%) and 27.5% share

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

The start of 2024 appears to be challenging for Volvo's all-electric cars. As we said in the past, maybe things will improve later this year with the Volvo EX30 and Volvo EX90 launch.

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.

Below, we attached Volvo's full lineup of all-electric cars available for order in the U.S.

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Prices

Model Base Price Dest. Charge Tax Credit Effective Price 2024 Volvo C40 Recharge RWD 19-in $53,600 +$1,295 N/A $54,895 2024 Volvo C40 Recharge AWD 19-in $55,350 +$1,295 N/A $56,645 2025 Volvo EX30 Single Motor Core RWD 18-in $34,950 +$1,295 N/A $36,245 2025 Volvo EX30 Twin Motor Plus AWD 19-in $44,900 +$1,295 N/A $46,195 2025 Volvo EX90 TM Plus (7 seat) AWD 20-in $76,695 +$1,295 N/A $77,990 2025 Volvo EX90 TM Plus (6 seat) AWD 20-in $77,195 +$1,295 N/A $78,490 2025 Volvo EX90 TM Ultra (7 seat) AWD 21-in $81,045 +$1,295 N/A $82,340 2025 Volvo EX90 TM Ultra (6 seat) AWD 21-in $81,545 +$1,295 N/A $82,840 2025 Volvo EX90 TM Perf. Plus (7 seat) AWD 20-in $81,695 +$1,295 N/A $82,990 2025 Volvo EX90 TM Perf. Plus (6 seat) AWD 20-in $82,195 +$1,295 N/A $83,490 2025 Volvo EX90 TM Perf. Ultra (7 seat) AWD 21-in $86,045 +$1,295 N/A $87,340 2025 Volvo EX90 TM Perf. Ultra (6 seat) AWD 21-in $86,545 +$1,295 N/A $87,840 2024 Volvo XC40 Recharge RWD 19-in $52,450 +$1,295 N/A $53,745 2024 Volvo XC40 Recharge AWD 19-in $54,200 +$1,295 N/A $55,495

** A $7,500 federal tax credit might be available through leasing for all models. At some point in the future, the Volvo EX90, with a price under $80,000, might be qualified for the incentive when purchasing due to its local production in Ridgeville, South Carolina.*

Basic specs

Model Battery
(kWh) EPA
Range 0-60
mph
(sec) Top
Speed
(mph) 2024 Volvo C40 Recharge RWD 19-in 82 297 mi 6.9 112 2024 Volvo C40 Recharge AWD 19-in 78 257 mi 4.6 112 2025 Volvo EX30 Single Motor Core RWD 18-in 69 275 mi* 5.1 112 2025 Volvo EX30 Twin Motor Plus AWD 19-in 69 265 mi* 3.4 112 2025 Volvo EX90 TM Plus (7 seat) AWD 20-in 111 300 mi* 5.7 112 2025 Volvo EX90 TM Plus (6 seat) AWD 20-in 111 300 mi* 5.7 112 2025 Volvo EX90 TM Ultra (7 seat) AWD 21-in 111 300 mi* 5.7 112 2025 Volvo EX90 TM Ultra (6 seat) AWD 21-in 111 300 mi* 5.7 112 2025 Volvo EX90 TM Perf. Plus (7 seat) AWD 20-in 111 300 mi* 4.7 112 2025 Volvo EX90 TM Perf. Plus (6 seat) AWD 20-in 111 300 mi* 4.7 112 2025 Volvo EX90 TM Perf. Ultra (7 seat) AWD 21-in 111 300 mi* 4.7 112 2025 Volvo EX90 TM Perf. Ultra (6 seat) AWD 21-in 111 300 mi* 4.7 112 2024 Volvo XC40 Recharge RWD 19-in 82 293 mi 6.9 112 2024 Volvo XC40 Recharge AWD 19-in 78 254 mi 4.6 112

** according to the manufacturer*

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