Volvo's U.S. PHEV Sales Doubled, But EVs Were Down 78% In May 2024

Soon, the company's lineup will be strengthened by the Volvo EX90.

2024 Volvo XC40 Recharge and C40 Recharge

Mark Kane

By: Mark Kane

Jun 5, 2024 at 5:00pm ET

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Volvo Cars USA reported 10,153 U.S. sales in May, down 5% year-over-year. Year-to-date, sales are up 10%, with 51,708 units sold. Meanwhile, Volvo's plug-in car sales increased noticeably last month—although only thanks to plug-in hybrids.

In May, Volvo plug-in car sales amounted to 3,914, 29% more than a year ago. That's about 38.6% of the brand's total volume (compared to 28.3% a year ago).

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Volvo needs EX models to increase EV sales

So far this year, Volvo's all-electric car sales averaged just over 300 units a month. The 1,595 units sold so far this year mean a 71% decrease compared to the previous year.

Over 92% of that (3,617 units) were plug-in hybrids, which in May noted a solid 113% year-over-year increase.

Unfortunately, the all-electric car segment remains weak, with just 297 sales last month (down 78% year-over-year). It was the fifth such month this year.

Maybe things will change once the Volvo EX30 and Volvo EX90 enter the market. The EX90 has just entered production in South Carolina, but deliveries will start in the second half of 2024, so June might also remain slow.

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

BEVs: 297 (down 78%) and 2.9% share
PHEVs: 3,617 (up 113%) and 35.6% share
Total Recharge: 3,914 (up 29%) and 38.6% share

Volvo Plug-In Car Sales In The U.S. - May 2024

So far this year, Volvo has sold over 15,000 plug-in cars in the U.S., 29.7% of the total sales volume. However, all-electric car sales are down 71% year-over-year to less than 1,600 units.

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

BEVs: 1,595 (down 71%) and 3.1% share
PHEVs: 13,741 (up 67%) and 26.6% share
Total Recharge: 15,336 (up 12%) and 29.7% 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.

What do you think?

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Comments

Sales of the all-electric Volvo XC40 Recharge and the Volvo C40 Recharge are much lower than in 2023. Meanwhile, the new Volvo EX90 still needs at least weeks to arrive. We believe that once it arrives, sales should improve.

The high tariffs might affect the China-made Volvo EX30, so it's hard to make a forecast.

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