Volvo Cars Reports Sales of 50,315 Cars in February and Highest-Ever Share of Electrified Models

Volvo Cars reports sales of 50,315 cars in February, a 2 per cent decline from last year. The main reason for the decline is the timing of the Lunar New Year in China.

In February, Volvo Cars achieved its highest-ever share of electrified models—both fully electric and plug-in hybrids and fully electric combined. This was mainly driven by the ramp-up of the company’s new fully electric small SUV, the EX30. Fully electric cars constituted 22 per cent of all cars sold globally during the month, while the combined sales of fully electric vehicles and plug-in hybrids accounted for 44 per cent.

Sales in Europe remained strong and grew 26 per cent compared to February 2023, reaching 26 773 cars. Sales of vehicles with a fully electric or plug-in hybrid powertrain increased by 18 per cent. In comparison, sales of fully electric cars increased by 31 per cent compared to February last year.

In China, sales reached 7,911 cars, a 39 per cent decrease compared to February 2023. The decline was due to the timing of the Lunar New Year, which mainly took place during February.

Our sales in the US reached 7,920 cars, a decrease of 7 per cent compared to last year. Sales of vehicles with a fully electric or plug-in hybrid powertrain grew by 6 per cent compared to February 2023 and accounted for 32 per cent of all cars sold in the US.

In December 2023, Volvo Cars introduced its latest addition to the fully electric family, the EX30. During the first two months of 2024, 5,863 cars were sold. Deliveries to customers have started in Europe, Japan, and Brazil, with more markets following in the coming weeks.

For February, the Volvo XC60 remained the top-selling model, with sales reaching 16,026 cars (2023: 16,103 cars). It was followed by the XC40, with total sales of 13,193 cars (2023: 15,435 cars), and the XC90, at 7,299 cars (2023: 7,120 cars).

	February	February		Jan-Feb	Jan-Feb
	2024	2023	Change	2024	2023	Change
Europe	26,773	21,278	26%	49,914	42,714	17%
Electrified models	16,133	13,698	18%	29,963	26,518	13%
– Fully electric	8,799	6,715	31%	16,270	12,052	35%
– Plug-in hybrid	7,334	6,983	5%	13,693	14,466	-5%
China	7,911	13,066	-39%	23,953	24,849	-4%
Electrified models	415	1,130	-63%	1,404	2,388	-41%
– Fully electric	137	172	-20%	298	491	-39%
– Plug-in hybrid	278	958	-71%	1,106	1,897	-42%
US	7,920	8,560	-7%	15,636	16,253	-4%
Electrified models	2,571	2,436	6%	4,446	4,806	-7%
– Fully electric	359	973	-63%	619	1,744	-65%
– Plug-in hybrid	2,212	1,463	51%	3,827	3,062	25%
Other	7,711	8,382	-8%	14,214	15,990	-11%
Electrified models	3,147	3,414	-8%	5,624	6,708	-16%
– Fully electric	1,629	1,714	-5%	2,963	3,161	-6%
– Plug-in hybrid	1,518	1,700	-11%	2,661	3,547	-25%
Total	50,315	51,286	-2%	103,717