Volvo’s March 2024 EV sales soar to record heights, driven by success of EX30

Volvo’s March 2024 EV sales soar to record heights, driven by success of EX30

Swedish car brand Volvo's foray into the electric vehicle (EV) market has reached unprecedented heights, with the month of March this year witnessing an impressive surge in EV sales in the United States, driven by the phenomenal success of the EX30 model. Setting new records, Volvo reported a staggering 78,970 global car sales in March alone, marking a remarkable surge of 25 per cent compared to the previous year, achieving a record monthly high. This momentum continued through the Q1 of this year, with sales reaching 182,687 units, up 12 per cent year-over-year.

A significant portion of the Swedish brand’s success can be attributed to the rising demand for plug-in electric cars, which accounted for roughly 23 per cent of the brand's overall sales. In the month of March, the brand achieved a new milestone with plug-in electric car sales soaring to a record-breaking 33,558 units. This figure represents a remarkable 24 per cent year-over-year surge. Notably, EV led the charge, with sales of all-electric cars reaching an unprecedented 18,021 units, marking an extraordinary 43 per cent growth year-over-year.

The surge of EVs within Volvo's lineup has overshadowed plug-in hybrid vehicles (PHEVs), which experienced a modest year-over-year growth of 8 per cent, amounting to 15,537 units. Consequently, PHEVs are gradually losing their share of the brand’s total sales volume.

Key to Volvo's EV sales surge is the remarkable performance of the all-new Volvo EX30 model, which witnessed an unprecedented global demand. The month of March saw the brand selling a record-breaking 8,681 units of the EX30 worldwide, surpassing the cumulative sales of the previous four months combined.

Björn Annwall, Volvo Cars’ CCO & deputy CEO, stated, “These numbers reflect the strength of our strategy and product diversity. We are making good progress towards our annual sales target of at least 15 percent growth, and in the months ahead, we will focus on ramping up sales of our EX30.”

Volvo’s success story doesn't end here as the brand’s electric lineup set to expand further. The Volvo XC40 Recharge and Volvo C40 Recharge models continue to gain significant traction, recording sales of 7,175 and 2,165 units in March, respectively. Looking ahead, the Swedish brand has plans to expand its portfolio with the introduction of the all-new Volvo EX90 seven-seater luxury car later this year, further solidifying its position in the EV market.

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