Volvo also reported a sales figure of 50,315 for the month of February 2024
Volvo Cars has reported sales of 50,315 units in February 2024, a decline by 2 percent compared to the same month last year. The main reason for the decline is the timing of the Lunar New Year in China. While this may seem like bad news on the surface, the brand has achieved some success with its electrified models to offset this sales decline.
In February, Volvo Cars achieved its highest-ever share of electrified models, both in fully electric as well as in plug-in hybrids and electric vehicles (EVs) combined. This was mainly driven by the ramp-up of the company’s new fully electric small SUV, the EX30.
Moreover, fully electric cars constituted 22 percent of all cars sold globally during the month, while the combined sales of fully electric cars and plug-in hybrids accounted for 44 percent. Sales in Europe remained strong and grew 26 percent compared to February 2023, reaching 26, 773 units. Sales of cars with a fully electric or plug-in hybrid powertrain increased 18 percent, while sales of fully electric cars increased by 31 percent, compared to February last year.
In China, sales reached 7,911 cars, a decrease of 39 percent compared to February 2023. The reason for the decline, according to Volvo, was due to the timing of the Lunar New Year, which mainly took place during the month of February which means that less people would be focused on buying cars and more focused on spending time with their families.
Volvo sales in the US reached 7,920 units, a decrease of 7 percent compared to last year. Sales of cars with a fully electric or plug-in hybrid powertrain grew by 6 percent compared to February 2023, and accounted for 32 percent of all cars sold in the US. No surprises here given how EVs are on the decline there.
On top of that, 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 units have been sold. Deliveries to customers have started in Europe, Japan and Brazil with more markets following the coming weeks.
For February, the Volvo XC60 remained the top-selling model with sales reaching 16,026 units (2023: 16,103 units), followed by the XC40 with total sales of 13,193 units (2023: 15,435 units), and XC90 at 7,299 units (2023: 7,120 units).
