Volvo USA enjoys three-fold increase in plug-in car sales in July 2023

Volvo USA enjoys three-fold increase in plug-in car sales in July 2023

Volvo Cars USA, the American arm of Swedish multinational manufacturer of luxury vehicles, enjoyed a significant jump in its sales in the US market in July 2023, thanks partly to solid sales of plug-in electric cars.

According to stats revealed by Volvo, the company’s overall sales in the U.S. increased 57 per cent year-over-year to settle at 10,785 units in July. When it comes to sales of plug-in electric cars, the company sold 3,132 rechargeable cars, up 226 per cent year-over-year. However, it is worth-mentioning here that this impressive jump was from a relatively low base recorded in July last, when the company could sell less than a thousand units to Americans.

Nevertheless, plug-in cars in general and all-electric cars (BEVs) in particular are increasing reducing the gap to ICE-powered cars in general and plug-in hybrid cars (PHEVs) in particular. A deeper analysis of the figures suggest that plug-in cars represented 29 per cent of the brand’s total monthly sales volume.

To be more specific, the Swedish brand sold 1,255 BEVs last month, up 1,235 per cent year-over-year accounting for 11.6 per cent the market share) a total of 1,877 units of PHEVs, up 117 per cent year-over-year at 17.4 per cent share, were also sold to American customers during the same month. Thus, total sales of recharge cars jumped 226 per cent year-over-year to settle at 3,132 units, accounting for 29 per cent share of the market.

In the first seven months of this year (January through July), Volvo sold more than 20,000 plug-in electric cars to its American customers. This figure is roughly 29 per cent of the company’s total sales volume in the period under consideration. During this seven-month period, BEVs alone accounted for 12.6 per cent.

More precisely, Volvo’s year-to-date (YTD) plug-in car sales include 8,858 units of BEVs (up 127 per cent year-over-year at 12.6 per cent share), and 11,763 units of PHEVs (down 9 per cent year-over-year at 16.7 per cent share). Total sales of rechargeable cars jumped 22 per cent year-over-year to settle at 20,621 units at 29.2 per cent share.

To provide a further boost to its electric car sales in the U.S. market, the automaker recently announced the 2024 model year versions of the already popular C40 Recharge and XC40 Recharge.

For reference, the American arm of the Gothenburg, Sweden-headquartered automaker sold 27,909 rechargeable cars (27.4 per cent of the total volume) in the twelve months of 2022.

Technology Update: