Volvo Cars set a new global sales record of 763,389 units in 2024, an 8% rise over 2023, driven by a significant increase in sales of its electrified cars.
The Swedish brand sold 175,194 fully electric cars, an increase of 54% compared with 2023, and 177,593 plug-in hybrid cars (+16%). Sales of electrified models accounted for 46% of all Volvo cars sold globally during 2024, while fully electric cars accounted for 23% of its sales compared to 16% in 2023.
Volvo Cars, which is majority-owned by China's Geely Holding, said its best growth came in Europe where it sold 369,685 cars in 2024, a 25% increase over the previous year. Electrified models – fully electric and plug-in hybrid cars – accounted for 65% of all the cars sold in the region last year.
Volvo Cars dipped 3% to 125,243 cars in the US compared to 2023, but electrified models grew 20% to account for 34% of the brand's sales in the country.
Sales in China decreased 8% to 156,370 units, with electrified models growing 3%.
Globally, the XC60 was Volvo's top-selling model in 2024 with 30,853 units, followed by the XC40/EX40 with 173,890 cars and the XC90 at 108,621 cars.
Volvo Cars aims for 90% to 100% of its global sales volume by 2030 to consist of electrified cars, with a mix of fully electric and plug-in hybrid models. Since the company laid out its ambition to achieve net zero greenhouse gas emissions by 2040 it has launched five fully electric models: the EX40, the EC40, the EX30, the EM90 and the EX90.
Electrified cars give Volvo an 8% sales boost in 2024
Image: Supplied
Volvo Cars set a new global sales record of 763,389 units in 2024, an 8% rise over 2023, driven by a significant increase in sales of its electrified cars.
The Swedish brand sold 175,194 fully electric cars, an increase of 54% compared with 2023, and 177,593 plug-in hybrid cars (+16%). Sales of electrified models accounted for 46% of all Volvo cars sold globally during 2024, while fully electric cars accounted for 23% of its sales compared to 16% in 2023.
Volvo Cars, which is majority-owned by China's Geely Holding, said its best growth came in Europe where it sold 369,685 cars in 2024, a 25% increase over the previous year. Electrified models – fully electric and plug-in hybrid cars – accounted for 65% of all the cars sold in the region last year.
Volvo Cars dipped 3% to 125,243 cars in the US compared to 2023, but electrified models grew 20% to account for 34% of the brand's sales in the country.
Sales in China decreased 8% to 156,370 units, with electrified models growing 3%.
Globally, the XC60 was Volvo's top-selling model in 2024 with 30,853 units, followed by the XC40/EX40 with 173,890 cars and the XC90 at 108,621 cars.
Volvo Cars aims for 90% to 100% of its global sales volume by 2030 to consist of electrified cars, with a mix of fully electric and plug-in hybrid models. Since the company laid out its ambition to achieve net zero greenhouse gas emissions by 2040 it has launched five fully electric models: the EX40, the EC40, the EX30, the EM90 and the EX90.
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