August 2023 was a standout month for Volvo Cars, reporting a significant uptick in global sales by 18% compared to the same period last year. Yet, what’s even more remarkable is Volvo’s sharp pivot towards greener mobility.
China is declining a little on electric car sales, while the US seems to be ramping up
While overall car sales for Volvo rose to 51,636 units in August, their plug-in electric cars claimed the spotlight. Accounting for nearly 33% of the total volume, plug-in electric car sales surged by 78% to 17,005 units. This year, the brand is on track to hit the milestone of selling over 250,000 electric cars, hinting at the public’s growing affinity for cleaner alternatives.
What’s interesting is the internal composition of these electric sales. Battery Electric Vehicles (BEVs) have recorded a massive 167% year-over-year increase, while Plug-in Hybrid Electric Vehicles (PHEVs) have also seen a solid bump of 46%. So far, this year’s sales data reveals that BEVs and PHEVs form 16% and 22.5% of the total sales, respectively.
Regionally, Europe continues to be the hub for Volvo’s electric car sales, making up 60% of total plug-in sales. America is catching up fast, with a 94% increase in plug-in sales,but it’s China that needs to put its foot on the accelerator, showing a 16% decrease in plug-in electric car sales.
Aiming for a 100% Battery Electric Vehicle (BEV) share by 2030, Volvo’s electric line-up will soon expand with new additions like the Volvo EX90, Volvo EX30, and the recently announced Volvo EM90. With these changes, Volvo is not just selling cars; they’re investing in the future—a cleaner, greener one.