Volvo Cars Achieves Record Sales in March 2024
Volvo Cars experienced strong sales in March 2024, with a record number of approximately 78,970 cars sold, marking a 25% year-on-year increase. The company attributed this success to the growing popularity of their fully electric and plug-in hybrid models, particularly the introduction of the EX30 fully electric SUV.
In Europe, Volvo saw a significant 33% increase in sales, with electrified car sales making up 34% of total European car sales. Similarly, the US market saw a boost of 50% in sales, with electrified car sales accounting for 24% of all US car sales. In China, despite a 21% increase in overall sales, electrified car sales experienced a slight decline.
The best-selling model for Volvo in March was the XC60, followed by the XC40 and XC90 models. Volvo Cars’ chief commercial officer and deputy CEO, Bjorn Annwall, credited the company’s success to its product diversity and strategy of offering a range of fully electric, plug-in hybrid, and mild hybrid options.
With worldwide sales reaching 182,687 cars in Q1 2024, a 12% increase from the previous year, Volvo is on track to achieve its annual sales target of at least 15% growth. The company’s shares rose by 6% following the March sales announcement, settling at SEK 290.1 (€25.25).
Looking ahead, Volvo plans to focus on ramping up sales of their EX30 model in the coming months. As a majority-owned subsidiary of the Chinese automobile group Geely, Volvo Cars continues to innovate and expand its electrified vehicle offerings to meet the growing demand for sustainable transportation solutions.
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