Volvo's U.S. PHEV Sales Outsold EVs By A Ratio Of 9 To 1 In Q2 2024

There are still no all-electric EX models to reverse the ratio.

Volvo XC60 plug-in hybrid

Mark Kane

By: Mark Kane

Jul 5, 2024 at 2:00pm ET

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Volvo Cars USA reported that in June, its car sales in the U.S. decreased by 28% year-over-year to 9,304. The company explained that the results were impacted by "third-party IT-related disturbances that affected retailers across the industry."

Volvo's plug-in car sales were also down, but not that much. Last month, the company sold 3,315 rechargeable cars, down 13% year-over-year. That's about 35.6% of the brand's total volume, compared to 29.3% 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 1,981 units sold so far this year mean a 74% decrease compared to the previous year.

Unfortunately, the all-electric car segment remains weak, with just 386 sales last month, down 82% year-over-year. It was the sixth such month this year. It becomes clear that Volvo will not be able to expand EV sales without the all-new EX models.

The first Volvo EX90 recently entered production in South Carolina, so the first deliveries are expected to be in the second half of the year. Meanwhile, the promising Volvo EX30 has been delayed in the U.S. until 2025.

Meanwhile, plug-in hybrid car sales increased by 75% year-over-year to 2,929, representing the vast majority of the total volume.

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

BEVs: 386 (down 82%) and 4.1% share
PHEVs: 2,929 (up 75%) and 31.5% share
Total: 3,315 (down 13%) and 35.6% share

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

During the second quarter of 2024, Volvo plug-in car sales amounted to 10,563 units, up 8% year-over-year. However, the plug-in hybrid sales dominated the segment, outpacing all-electric sales by about 9 to 1.

As we can see in the stats, the two categories were moving in the opposite direction, as EVs were down 79%, while PHEVs almost doubled.

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.

Volvo plug-in car sales in Q2'2024 (YOY change):

BEVs: 1,011 (down 79%) and 3.4% share
PHEVs: 9,552 (up 93%) and 31.8% share
Total: 10,563 (up 8%) and 35.1% share

So far this year, Volvo has sold over 18,600 plug-in cars in the U.S., 30.6% of the total sales volume.

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

BEVs: 1,981 (down 74%) and 3.2% share
PHEVs: 16,670 (up 69%) and 27.3% share
Total: 18,651 (up 7%) and 30.6% share

For reference, in 2023, Volvo sold over 35,000 plug-in electric cars in the U.S. (28% more than in 2022), which represented almost 28% of the total volume.