Summary
- Volvo’s electrified models accounted for 46% of all sales worldwide, with the XC60 being the best-selling car
- The US EV sales dropped sharply due to delays with the EX30, but PHEV sales increased by nearly 70%
- Volvo sold a record number of vehicles globally in 2024, with electrified models reaching 46% of global sales
- The EX30, a popular electric hatchback, helped drive growth in Europe and is now on sale in the US
- Volvo plans to launch five new EVs by the end of the decade, with the EX60 expected to launch next year, representing a shift towards more electric vehicles.
Article
Volvo’s Electrified Models See Record Sales Worldwide
Volvo achieved a significant milestone by selling electrified models accounted for 46% of its total sales worldwide. The XC60 emerged as the best-selling car of the year, and the fully electric EX60 is set to hit the market in the upcoming year. Despite a drop in U.S. EV sales due to delays in the EX30, plug-in hybrid (PHEV) sales surged by almost 70%.
Volvo’s Delayed Goal to Go Fully Electric
Last year, Volvo postponed its target to become fully electric by the end of the decade. However, the automaker seems to be on track with its electrification plans as evidenced by its record-breaking global vehicle sales. The sales figures for 2024 showed a notable increase in the delivery of fully electric and plug-in hybrid models, with a total of 763,389 units sold.
Rise of Fully Electric Models
While Volvo has not released specific sales data for individual models, it is evident that the EX30, a popular electric hatchback, played a crucial role in driving the brand’s growth. The sales figures for fully electric models saw a considerable increase, accounting for 23% of Volvo’s sales in 2024. The combined sales of electric vehicles and plug-in hybrids reached an impressive 46% of Volvo’s global sales.
PHEVs Shine in the U.S., EV Sales Decline
Despite the global success of Volvo’s electrified models, its U.S. sales saw a decline of 3% in 2024. While PHEV sales soared by nearly 70%, pure EV sales plummeted by 59%. The delay in the release of the EX30 and heightened competition in the market are likely contributors to this decline. However, Volvo is working towards expanding its lineup to include more EV alternatives.
Launch of the EX30 in the U.S.
The EX30, which was initially delayed, is now available for purchase in the U.S. with a starting price of $45,000. The vehicle, manufactured in China at Geely Group’s Zhangjiakou plant, faces challenges due to the tariffs imposed on Chinese EVs. Despite the higher price tag, Volvo EVs offer Tesla Supercharger access with an adapter, adding to their appeal in the market.
Future Plans for Electric Vehicles
Volvo is aligning with market trends by introducing more EVs and PHEVs in its lineup. The upcoming EX60, the electric alternative to the popular XC60 model, is expected to launch next year. This next-generation EV will be based on the SPA3 platform, feature the latest Nvidia chips, and modern batteries. Volvo has plans to introduce five new EVs by the end of the decade as it continues to focus on electrification.
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