Volvo Cars’ EV share highest-ever in February

In February, Volvo Cars achieved its highest-ever share of electrified models in fully electric and plug-in hybrids and fully electric combined. This was mainly driven by the ramp-up of the company’s new fully electric small SUV, the EX30.

Fully electric cars constituted 22% of all cars sold globally last month, while the combined sales of fully electric vehicles and plug-in hybrids accounted for 44%.

Volvo Cars reports sales of 50,315 cars in February, a decline by 2% compared with the same month last year. The main reason for the decline is the timing of the Lunar New Year in China, says the Volvo press release.

Strong in Europe

Sales in Europe remained strong and grew 26% compared to February 2023, reaching 26,773 cars. Sales of vehicles with a fully electric or plug-in hybrid powertrain increased by 18%, while sales of fully electric cars increased by 31% compared to February last year.

In China, sales reached 7,911 cars, a decrease of 39% compared to February 2023. The reason for the decline was due to the timing of the Lunar New Year, which mainly took place during February.

Sales in the US reached 7,920 cars, a decrease of 7% compared to last year. Sales of cars with a fully electric or plug-in hybrid powertrain grew by 6% compared to February 2023, accounting for 32% of all cars sold in the US.

XC60 remains best-seller, high hopes for EX30

In December 2023, Volvo Cars introduced its latest addition to the fully electric family, the EX30. During the first two months of 2024, a total of 5,863 cars have been sold. Deliveries to customers have started in Europe, Japan, and Brazil, with more markets following in the coming weeks.

For February, the Volvo XC60 remained the top-selling model, with sales reaching 16,026 cars (2023: 16,103 cars), followed by the XC40 with total sales of 13,193 cars (2023: 15,435 cars), and XC90 at 7,299 cars (2023: 7,120 cars).

In Belgium

Volvo Car Belgium registered in February 2,298 vehicles, representing a market share of 4.88% and a growth of 18% compared to February 2023. In February, over 65% of the cars were sold in Pure Electric, and the Recharge share (plugin Hybrids included) reached almost 80%.

With 5,570 registrations this year, Volvo Car Belgium registers a market share of 4.87% and thus strengthens its 5^th place in the Belgian market with a cumulative growth of 44% compared to 2023.