Volvo Achieves Record-Breaking Sales Milestone Driven by Surge in Electric Vehicle Demand

Volvo Sets Ambitious Targets for Electric Vehicle Market Share.

In a resounding testament to the burgeoning demand for electric vehicles (EVs), Volvo has shattered its all-time sales record, propelled by a significant uptick in sales of battery electric and plug-in hybrid vehicles.

During the month of March 2024, Volvo achieved a remarkable milestone by selling 78,970 vehicles worldwide, representing a notable 25% increase compared to the same period last year. However, the standout highlight was the surge in sales of fully electric cars, which witnessed a remarkable 43% rise and accounted for 23% of Volvo's total global sales for the month.

Europe, Volvo's primary market, saw a substantial 33% increase in sales during March, with sales of fully electric cars skyrocketing by an impressive 66% over the previous year. Meanwhile, in the United States, overall sales surged by 50%, driven predominantly by plug-in hybrid models, although sales of fully electric cars experienced a temporary decline of 66%.

Commenting on the sales performance, Volvo Cars expressed satisfaction with the progress made towards achieving its annual sales target, emphasizing its focus on ramping up sales of the EX30 model in the coming months. The company reiterated its confidence in achieving "tremendous growth" in the electric vehicle market, reaffirming its projection that electric cars will constitute half of its total sales by the mid-2020s.

Looking ahead, Volvo remains steadfast in its commitment to sustainability, announcing its ambitious plan to exclusively sell EVs by 2030. With this bold vision, Volvo aims to lead the charge in driving the global transition towards sustainable mobility and reducing carbon emissions in the automotive sector.