In a significant leap towards sustainable mobility, Volvo Cars reported a remarkable surge in its plug-in electric car sales for the month of July 2023. The Swedish automaker’s relentless commitment to electrification seems to be paying off, as they nearly doubled their plug-in car sales compared to the same period last year.
According to the company’s recent sales report, Volvo achieved a global car sales figure of 54,165 units in July 2023, marking a substantial 21 percent increase compared to the previous year. The upswing was not an isolated event either, as the brand maintained a steady upward trajectory throughout the first seven months of the year, with a total of 395,856 cars sold worldwide. This cumulative figure reflects an impressive 18 percent year-over-year growth.
The standout achievement, however, came in the form of the electrification drive. Volvo’s plug-in electric car sales soared to new heights, nearly doubling in the span of a year. The company reported selling a robust 18,702 plug-in electric cars last month, showcasing an exceptional 95 percent surge compared to the previous year. Remarkably, these electric vehicles accounted for an impressive 34.5 percent of Volvo’s total sales volume for July 2023, marking a substantial increase from the 21.5 percent recorded during the same period in the previous year.
While the rapid growth is noteworthy, it’s important to mention that July 2023 witnessed the slowest month for plug-in electric vehicle sales this year, and the slowest since September 2022. Despite this mild slowdown, the overall trajectory of Volvo’s electrification efforts remains promising.
Particularly striking was the soaring demand for all-electric cars, which recorded an extraordinary 248 percent year-over-year growth. This remarkable surge saw all-electric car sales jump from a modest 1,583 units in July 2022 to an impressive 5,504 units in July 2023.
Not to be outdone, plug-in hybrid cars continued to carve their niche in the market. The sales of these hybrid vehicles witnessed a robust 65 percent year-over-year growth, with 13,198 units sold in July 2023.
In a detailed breakdown of Volvo’s Recharge sales, the statistics were equally impressive. Battery electric vehicles (BEVs) posted an outstanding performance, with 5,504 units sold, reflecting a staggering 248 percent growth and a 10.2 percent market share. Plug-in hybrid electric vehicles (PHEVs) also demonstrated strong growth, achieving a sales figure of 13,198 units, representing a 65 percent growth and a 24.4 percent market share. In total, Volvo’s Recharge line of vehicles achieved sales of 18,702 units, exhibiting a remarkable 95 percent growth and commanding a substantial 34.5 percent market share.
So far in 2023, Volvo’s plug-in car sales have surged beyond expectations, with over 155,000 units sold. This represents an impressive 50 percent year-over-year growth and an impressive 39 percent share of the brand’s total sales volume.
In the broader context of Volvo’s Recharge sales throughout the year, battery electric vehicles (BEVs) led the charge with 64,764 units sold, reflecting an exceptional 172 percent year-over-year growth and a 16.4 percent market share. Plug-in hybrid electric vehicles (PHEVs) maintained their growth trajectory, selling 90,356 units, translating to a 13 percent growth and a 22.8 percent market share. Overall, Volvo’s Recharge lineup has surged with a total of 155,120 units sold, showcasing a 50 percent year-over-year growth and commanding a substantial 39.2 percent market share.
The remarkable surge in plug-in car sales for Volvo signifies a bold step towards a greener automotive future. With its Recharge lineup leading the charge, the company seems poised to continue its electrification journey, setting an example for the automotive industry at large.