Summary
- Volvo Cars released its 2024 global sales figures, with a breakdown of fully electric and plug-in hybrid sales
- Globally, fully electric vehicle sales were up 54%, while plug-in hybrid sales were up 16%
- In the US, fully electric vehicle sales were down 59%, while plug-in hybrid sales were up 69%
- In China, fully electric vehicle sales rose 33%, but plug-in hybrids were down by 5%
- In Europe, Volvo Cars saw a significant increase in both fully electric and plug-in hybrid sales, with 36% of European sales being fully electric
Article
Volvo Cars recently released its 2024 sales figures globally, breaking down fully electric vehicle sales and plug-in hybrid sales by region. Globally, fully electric vehicle sales increased by 54% in 2024 compared to the previous year, while plug-in hybrid sales saw a 16% increase. These growth figures surpassed Volvo Cars’ overall sales growth of 8%. Across all regions, 46% of the company’s sales in 2024 had a plug, with fully electrics accounting for 23% and plug-in hybrids accounting for 23%.
In the US, however, the story was different, with fully electric vehicle sales decreasing by 59% in 2024 while plug-in hybrid sales increased by 69%. Despite an overall drop in Volvo Cars’ sales by 3% in the US, plug-in hybrids accounted for 29.8% of the company’s sales in 2024, in contrast to fully electrics which only made up 4.5% of sales. In China, fully electric vehicle sales increased by 33%, while plug-in hybrid sales dropped by 5% in 2024. Full electrics accounted for just 2.8% of Volvo Cars sales in China, while plug-in hybrids made up 7.3% of sales.
In Europe, Volvo Cars’ traditional market, fully electric vehicle sales grew by 76% in 2024, while plug-in hybrid sales grew by 11%. With an overall sales growth of 25% in Europe, fully electrics accounted for 36% of the company’s European sales and plug-in hybrids accounted for 29%. Together, 65% of Volvo’s European sales had a plug in 2024. Beyond the US, China, and Europe, fully electric vehicle sales grew by 53% in 2024, with plug-in hybrids growing by just 1%. In these other markets, 29% of Volvo’s sales were fully electric and 19% were plug-in hybrids.
Overall, Europe appears to be leading the way for Volvo Cars when it comes to electrifying its fleet, with the highest EV share of sales in comparison to other regions. Volvo Cars is being recognized for its efforts in electrifying its vehicles, with congratulations and support for the company’s progress in the transition to cleaner technologies.
Read the full article here
