Volvo Cars Reports 31 Per Cent Increase In Global Sales In May 2023; EV Sales Up By 196 Per Cent

Volvo Cars sold a total of 60,398 cars worldwide in May, reporting an increase of 31 per cent compared to the same month last year. The growth was primarily driven by the surge in sales of Volvo's fully electric vehicles, which experienced a 196 per cent rise during this period.

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During the month of May, the Volvo XC60 emerged as the top-selling model, with sales totalling 18,052 vehicles, followed closely by the XC40, which achieved sales of 17,596 units. The XC90 also performed well, with 9,058 cars sold.

Europe has emerged as a strong market for Volvo Cars, with sales reaching 26,272 vehicles in May, marking a 40 per cent year-on-year increase

Furthermore, figures from May 2022 were negatively affected by lower production due to last year’s supply chain constraints.

Volvo Cars achieved sales of 2,75,312 vehicles in the first 5 months of 2023, which is a 14 per cent increase compared to the corresponding period in 2022.

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The company's Recharge models, which include fully electric and plug-in hybrid cars, played a significant role in the sales boost, with a 55 per cent increase in May. These models accounted for 40 per cent of Volvo's global sales during the month, and Volvo’s fully electric cars have contributed to 18 per cent of the total.

Europe has emerged as a strong market for Volvo Cars, with sales reaching 26,272 vehicles in May, marking a 40 per cent year-on-year increase. Recharge models dominated the European market, accounting for 63 per cent of overall sales, while fully electric cars represented 29 per cent of the total.

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In the United States, Volvo Cars experienced a growth rate of 14 per cent in May, with 10,723 vehicles sold. The Recharge models account for a 28 per cent share of total sales, while the sales of fully electric cars saw a 66 per cent increase compared to last year.

The Chinese market also demonstrated steady growth, as Volvo Cars sold 14,121 vehicles in May, reflecting a 49 per cent year-on-year increase. Recharge models have seen a 116 per cent surge contributing to 8 per cent of the total sales in China.

Written by: RONIT AGARWAL