Volvo Cars Records 15 Per Cent Increase In Global Sales In 2023

Volvo Cars has reported a 15 per cent increase in its global sales with 7,08,716 units sold throughout 2023. In December alone, Volvo Cars sold 76,015 units, marking a 5 per cent increase compared to the same period in 2022.

The top-selling models for 2023 included the Volvo XC60, with 2,28,646 units sold, followed by the XC40 at 2,00,670 units, and the XC90 at 1,07,549 units.

Volvo reported a 70 per cent growth in electric car sales in 2023.

Notably, the company experienced a substantial uptick in the sale of electrified cars. Volvo Cars reported a 70 per cent increase in fully electric car sales, totaling 1,13,419 units in 2023, while plug-in hybrids saw a 10 per cent rise, reaching 1,52,561 units. These electrified vehicles overall constituted 16 per cent of Volvo's global sales for the year.

As for the Indian market the company reported a 31 per cent surge in sales with 2,423 vehicles sold in 2023. The all-electric XC40 Recharge sold 510 units, showcasing significant market traction.

For December, Europe reported a 4 per cent surge in EV sales, reaching 34,726 units. However, the overall Recharge branded car sales (EV + PHEV) dropped by 17 per cent in the region, with fully electric and plug-in hybrid vehicles decreasing by 16 per cent and 17 per cent, respectively. As for the overall sales the European market showed strong traction for Volvo Cars, with sales hitting 2,94,794 units in 2023, which is a 19 per cent growth compared to 2022. Impressively, Recharge cars accounted for 59 per cent of all sales in this region.

The XC60 was Volvo's best selling model globally followed by the smaller XC40.

In the United States, Volvo Cars witnessed a substantial 26 per cent increase in sales, totaling 1,28,701 units for the year. The sale of Recharge cars grew by 28 per cent. As for December, the company reported a 23 per cent rise in EV sales, reaching 13,609 units. However, the Recharge car sales remained relatively stable with a mere 1 per cent fluctuation. Within the U.S. market, the performance of fully electric vehicles declined by 39 per cent, whereas plug-in hybrid sales increased by 23 per cent.

In China, on the other hand, Volvo reported a 6 per cent decline in EV sales, totaling 15,944 units in December 2023. Plug-in hybrids saw a notable 27 per cent increase in sales, contrasting with a sharp 68 per cent plummet in fully electric vehicle sales, down to 249 units. As for the overall sales, China saw a 5 per cent increase in sales, with 1,70,091 cars sold in 2023. Volvo Cars witnessed a 26 per cent growth in Recharge car sales in this region.

Written by: RONIT AGARWAL