EX30 is pushing healthy Volvo sales

Volvo Cars reported global sales of 65,838 cars, up 27% compared to the same period last year. The sales increase was primarily driven by a strong performance in Europe as well as the company’s fully electric small SUV, the EX30.

The company’s electrified models, with a fully electric or plug-in hybrid powertrain, grew 53% compared to the same period last year and accounted for 48% of all cars sold during April. The share of fully electric cars constituted 26% of the total for the month of April.

Total sales for the period of January through April amounted to 214,914 cars globally, an increase of 16% compared to the same period in 2023. 

“This performance demonstrates that we are making good progress on our guidance of retail sales growth of at least 15% for the full year 2024,” said Björn Annwall, Volvo Cars’ chief commercial officer and deputy CEO.

“I am also happy to see the positive reception from EX30 customers as we ramp up deliveries of the car and the continued growth of our electrified models. This reinforces our confidence in the strength of our balanced portfolio of fully electric, plug-in hybrid, and mild hybrid cars,” he continued.

Europe in front

In Europe, sales reached 34,238 cars in April, up 65% compared to the same period last year. The new EX30 emerged as the company’s best-selling model in the region, contributing to a 76% increase in the sales of Volvo Cars’ electrified models compared to the same period last year. The share of electrified models accounted for 67% of all cars sold in Europe during April.

Sales in the US increased 10% in April, totaling 10,604 cars. This growth was mainly driven by an 89% increase in plug-in hybrid car sales.

Volvo Cars sales in China, on the other hand, reached 12,221 cars, down 3% compared to April 2023. Sales of electrified models stood at 1,062 cars, a decrease of 16% compared to the same period last year.

In April, the Volvo XC60 was the top-selling model (as usual), with sales of 19,542 cars (2023: 16,658). It was followed by the XC40, with total sales of 15,139 cars (2023: 13,740), and the EX30, with sales of 9,730 cars (2023: 0).

Management reshuffle

Volvo Cars also announced the resignation of Javier Varela, the manufacturer’s Chief Operating Officer and Deputy CEO. Varela “has decided to pursue a new opportunity outside the company,” Volvo writes. There is no direct successor yet.

According to a company statement, “Javier will step out of his role to prepare for his new opportunity with immediate effect.” Varela has been a member of Volvo Cars’ Executive Management Team since 2016 and COO and Deputy CEO since 2022.

As a consequence, and “in line with the company’s ongoing succession planning and organisation design,” the company’s Executive Management Team (EMT) will be expanded to include Erik Severinson as Chief Product & Strategy Officer, Anders Bell as Chief Engineering & Technology Officer, and Francesca Gamboni as Chief Supply Chain Officer. They all report to CEO Jim Rowan.

“I am delighted to welcome Anders, Erik, and Francesca to our Executive Management Team. This change will help us flatten our operation’s structure and elevate these important areas as we deliver on our technological and commercial transformation,” said Jim Rowan, CEO of Volvo Cars.

“At the same time, I would like to extend my sincere gratitude to Javier, who has decided to pursue new challenges outside the company after almost eight years of immense contributions to Volvo Cars. We wish him and his family the best in their future endeavors.”

Javier Varela leaves Volvo as COO and deputy CEO /Volvo

Javier was appointed COO and deputy CEO in 2022 following a reorganization initiated by Rowan. Rowan had recently taken over as CEO from long-time Volvo boss Hakan Samuelsson.

Tesla experience

Anders Bell is an interesting appointment from an electric mobility perspective. He has been Head of Engineering at Volvo Cars since 2022 and, as mentioned, is now moving up to the Executive Management Team.

Although he has been with the company for a long time, he spent six years in management positions at Tesla before 2022. In his current role at Volvo Cars, Bell is responsible for vehicle engineering, research, and development in the areas of hardware and software, as well as safety.

Anders Bell – Head of Global Engineering /Volvo

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