Volvo Cars has just announced a slight 2% drop in their global car sales for February, reporting 50,315 units sold. This minor downtick is attributed to the Chinese Lunar New Year calendar which impacted sales figures in China.
Electrification on the Rise
The silver lining in Volvo’s recent report is the record-breaking achievement in electric vehicle (EV) sales. The demand for electrified models soared, hitting an all-time high thanks to the successful launch of their compact electric SUV, the EX30. Fully electric vehicles now represent 22% of Volvo’s total sales, while the combination of fully electric and plug-in hybrid models account for a significant 44% of sales worldwide.
Regional Performance: Europe, China, and the US
Zooming in on regional sales, Europe showcased a robust performance with a 26% growth, selling 26,773 cars. The continent continues to embrace green transportation as evidenced by an 18% increase in electrified model sales and a notable 31% uptick in fully electric car sales compared to the previous year.
Conversely, China experienced a notable slump with sales plummeting by 39% to 7,911 cars sold in February. This decline is linked to the timing of the Lunar New Year which predominantly took place in February this year.
While in the US, Volvo encountered a 7% contractions in sales with 7,920 cars sold. Nonetheless, the silver lining was a 6% boost in sales for hybrid and electric vehicles, making up 32% of the total US sales for the month.
Introducing the EX30
The EX30 has quickly become a significant part of Volvo’s electric portfolio since its introduction in December 2023. This latest electric offering has already hit 5,863 units sold, with deliveries already underway in Europe, Japan, Brazil, and additional markets set to follow soon.
Best Selling Models
February’s star performers for Volvo were the XC60, maintaining its lead as the best-selling model with 16,026 units, alongside the XC40 with 13,193 cars sold, and the XC90 following with 7,299 cars. Despite a marginally soft market, these models persisted to show enduring popularity among consumers.
Overall, Volvo’s February sales paint a picture of a market that’s embracing electrification at a rapid pace, with region-specific factors influencing overall performance.
