Volvo’s PHEVs lose terrain, full electric limits damage

Swedish carmaker Volvo Cars has sold 483 304 cars, in the first ten months of 2022, down 16,9 percent, compared to the same period last year. Volvo didn’t release specific figures on how its ICE models are performing, but it looks like next to these, its PHEVs see the most declining sales figures worldwide (-16,8%).

Sales of the battery-electric models of its Recharge range limit the damage with a growth of 121,8%. In absolute unit numbers, the difference remains huge: 129 803 PHEVs sold versus 18 265 BEVs worldwide, an increase of 0,3% for the whole Recharge range together.

ICE sales dropping fast

European sales for October reached 22 030 cars, down 0,4 percent compared to last year’s last month. Still, the figures for January to October are dramatic: -22.5% overall, with classic models with combustion engines losing -15,9% and the electrified Recharge range -6,6%. Here it’s obvious the BEV (+131,8%) compensates for the PHEV (-24.2%).

Over the entire year of 2021, despite worldwide shortages in semiconductors, Volvo Car Group recorded an operating profit of 20,3 BSEK (€1,85 billion). Revenue in 2021 amounted to 282,0 BSEK (€25,7 billion), while global sales reached 698 700 cars.

Worldwide that meant a growth of 5,6%, with plugin hybrids accounting for +47,6% and BEVs for 452,2%. But these results were primarily due to exploding sales in the US, China, and other parts of the world. In Europe, growth remained limited to +1,8% compared to the year before, with clearly declining ICE sales and PHEVs (+33,3%) and BEVs (+272,6%) making the difference.

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