Volvo: 21% of sales in Q1 2024 achieved by electric vehicles

Volvo Cars has published its latest quarterly figures. Sales rose 12 percent to 182,687 vehicles compared to the same period last year, with a new single-month record set in March. Electric vehicles continue to play a major role in Sweden’s success.

Plug-in hybrids (PHEV) and fully electric vehicles (EV) accounted for 41 percent of Volvo Cars’ global volume in Q1 2024. EV sales share increased from 18 percent a year ago to 21 percent.

“This shows that the company is on track to achieve its annual sales target of at least 15 percent growth by 2024, with a strong product strategy that offers competitive EVs as well as attractive hybrids and sub-hybrids,” the company said.

In Europe, Volvo Cars said it was the third-largest brand in EV sales, while the XC60 PHEV was the best-selling plug-in hybrid in the region in the first quarter.

The company’s electric vehicle gross margin improved in the first quarter from 7 percent in the same quarter last year to 16 percent – making it one of the best in the industry, the manufacturer insists. “This reflects strong customer demand for the new Volvo EX30, which is set to deliver a 15-20 percent increase in gross volume, along with improved levels of the EX40 and EC40 models.” and combustion engine vehicles.

“Volvo Motors remains focused on achieving profitable growth and, following a record year in 2023, expects another solid year in 2024,” it concludes. “At the same time, the company is aware that the external environment remains difficult as geopolitical uncertainty and macroeconomic headwinds remain.” hybrids “will help address these headwinds by focusing on increased cost savings.”