Volvo Car AB (publ): Volvo Cars' global sales up 3 per cent in October
Volvo Cars reported global sales of 61,686 cars in October, up 3 per cent compared to the same period last year. The sales increase was primarily driven by the strong performance of electrified models in Europe. Sales in the US and China declined, but the performance of the electrified range was solid.
The company's sales of electrified models - fully electric and plug-in hybrid models - grew 40 per cent compared to the same period last year and accounted for 48 per cent of all cars sold during October. The share of fully electric cars constituted 22 per cent of all cars sold for the month.
The total sales for the period of January through October amounted to 622,608 cars globally, an increase of 9 per cent compared to the same period 2023.
In Europe, sales reached 30,167 cars in October, up 21 per cent compared to the same period last year. The sales of Volvo Cars' electrified models increased by 46 per cent compared to the same period last year, and the share of electrified models accounted for 66 per cent of all cars sold in Europe during October.
Sales in the US decreased 17 per cent in October, totalling 9,360 cars. However, sales of electrified models increased 18 per cent compared to the same period last year, with plug-in hybrid models increasing 67 per cent.
Volvo Cars' sales in China reached 13,502 cars, down 10 per cent compared to October 2023. Sales of electrified models - fully electric and plug-in hybrid models - stood at 1,436 sold cars, an increase of 23 per cent compared to the same period last year.
In October, the Volvo XC60 was the top-selling model with sales of 19,846 cars (2023: 20,212), followed by the XC40/EX40, with total sales of 14,088 cars (2023: 17,022) and the XC90 at 8,517 cars (2023: 7,961).
October October Jan-Oct Jan-Oct
2024 2023 Change 2024 2023 Change
Europe 30 167 24 892 21% 304 586 233 661 30%
Electrified Models 19 976 13 663 46% 198 621 138 989 43%
- Fully electric 9 830 7 009 40% 113 290 59 775 90%
- Plug-in hybrid 10 146 6 654 52% 85 331 79 214 8%
Mild hybrids/ICE 10 191 11 229 -9% 105 965 94 672 12%
China 13 502 15 041 -10% 126 539 138 969 -9%
Electrified models 1 436 1 166 23% 11 418 12 298 -7%
- Fully electric 241 237 2% 3 199 2 768 16%
- Plug-in hybrid 1 195 929 29% 8 219 9 530 -14%
Mild hybrids/ICE 12 066 13 875 -13% 115 121 126 671 -9%
US 9 360 11 296 -17% 98 907 103 421 -4%
Electrified models 3 574 3 041 18% 33 336 29 387 13%
- Fully electric 571 1 240 -54% 4 326 12 083 -64%
- Plug-in hybrid 3 003 1 801 67% 29 010 17 304 68%
Mild hybrids/ICE 5 786 8 255 -30% 65 571 74 034 -11%
Other 8 657 8 632 0% 92 576 92 968 0%
Electrified models 4 909 3 473 41% 43 269 33 897 28%
- Fully electric 2 798 2 003 40% 26 176 16 492 59%
- Plug-in hybrid 2 111 1 470 44% 17 093 17 405 -2%
Mild hybrids/ICE 3 748 5 159 -27% 49 307 59 071 -17%
Total 61 686 59 861 3% 622 608 569 019 9%
Electrified models 29 895 21 343 40% 286 644 214 571 34%
- Fully electric 13 440 10 489 28% 146 991 91 118 61%
- Plug-in hybrid 16 455 10 854 52% 139 653 123 453 13%
Mild hybrids/ICE 31 791 38 518 -17% 335 964 354 448 -5%