Volvo May 2024 Sales Up By 13% Charged By EV & PHEV Models

Volvo shifted 68,034 vehicles last month, marking a 13% rise from the same period last year.

Volvo Cars reported global sales of 68,034 vehicles in May, marking a 13% increase compared to the same period last year. This growth was largely driven by strong performance in Europe and the success of the company's fully electric small SUV, the EX30.

Sales of electrified models, including fully electric (EVs) and plug-in hybrid vehicles (PHEVs), rose by 37% compared to May of the previous year, making up 48% of all cars sold during the month.  Fully electric vehicles (EVs) alone accounted for 25% of total sales in May.

From Jan through May, Volvo Cars sold a total of 316,559 vehicles globally, reflecting a 15% increase over the same period in 2023.

One key driver is the Swedish marque's new and all-electric EX30 compact crossover. A total of 11,035 units have been shifted thus far.

Another key driver in May were Volvo's plug-in hybrid (PHEV) models. Along with EVs, both types charted 48% of Volvo's total sales in May.

The top-selling model in May was the Volvo XC60, with 20,507 units sold (up from 18,052 in 2023). This was followed by the XC40 with 13,640 units sold (down from 17,596 in 2023) and the EX30 with 11,035 units sold (up from 0 in 2023).

"This month's sales figures are another measure of our progress towards our sales target of at least 15% growth for 2024. I am delighted to see another month of solid growth, which is a testament to the strength of our brand. It's also reassuring to see the positive consumer response to theEX30, which has quickly become one of the best-selling fully electric cars in Europe,” Chief Commercial Officer and Deputy CEO of Volvo Cars, Björn Annwall, commented on the achievement.

The Volvo XC60 stands as the brand's best-seller in last month with 20,507 units shifted globally.

In Europe, sales surged by 27% to 33,252 vehicles in May compared to the same period last year. Sales of electrified models in the region increased by 34%, with these vehicles making up 66% of all cars sold in Europe during the month.

In contrast, sales in the US declined by 5%, totaling 10,153 vehicles in May. However, sales of plug-in hybrid models in the US saw a significant increase of 113% compared to the previous year.

Volvo Cars' sales in China reached 13,934 vehicles, a slight 1% decrease from May 2023. Nevertheless, sales of electrified models in China, including fully electric and plug-in hybrid vehicles, rose by 10% to 1,303 units.

In 2023, Volvo Car Group achieved a record-breaking core operating profit of SEK 25.6 billion (RM11.5 billion). Revenue for the year reached an all-time high of SEK 399.3 billion (RM180.95 billion), and global sales set a record with 708,716 vehicles sold. KR