Volvo’s U.S. EV Sales Slow Down Continued In February 2024

Volvo Cars USA reports that its car sales in the United States amounted to 7,920 in February, down 7.4% year-over-year.

Meanwhile, Volvo’s plug-in electric car sales improved slightly last month, but that’s only thanks to plug-in hybrids. All-electric car sales decreased massively, similar to what happened in January.

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Volvo electrification hit a new record in 2023

In 2023, Volvo sold in the U.S., a record number of over 35,000 plug-in electric cars (up 28% year-over-year), including a record number of 13,609 all-electric cars (up 86% year-over-year). Between 2023 and 2030, the brand’s BEV share is expected to increase from 10 to 100%.

In February, Volvo plug-in electric car sales amounted to 2,571, up 5.5% year-over-year. The share of rechargeable cars increased to 32.5% (compared to 28.5% a year ago), which is the highest result since May 2022 (35.7%).

Unfortunately, Volvo’s all-electric car sales decreased by 63% year-over-year to just 359 units. It’s the second such high drop after just 260 sales in January (down 66% year-over-year).

Time will tell if the new 2024 model year versions of the C40 and XC40 are not attracting customers or if it’s just a supply issue. We know the market is waiting for the EX30 model (already sold in other parts of the world) and the upcoming EX90.

On the other hand, plug-in hybrid car sales surged 51% year-over-year to 2,212, taking almost 28% of the brand’s total volume in February.

Volvo plug-in car sales last month (YOY change):

  • BEVs: 359 (down 63%) and 4.5% share
  • PHEVs: 2,212 (up 51%) and 27.9% share
  • Total Recharge: 2,571 (up 6%) and 32.5% share

So far this year, Volvo sold 4,400 plug-in electric cars in the U.S., which is roughly 28% of the total volume.

Volvo plug-in car sales year-to-date (YOY change):

  • BEVs: 619 (down 65%) and 4% share
  • PHEVs: 3,827 (up 25%) and 24.5% share
  • Total Recharge: 4,446 (down 7%) and 28.4% share

For reference, in 2023, Volvo sold over 35,000 plug-in electric cars in the U.S. (up 28% year-over-year), which was almost 28% of the total volume.

The start of 2024 appears to be challenging for Volvo’s all-electric cars, while we expected significant growth instead. Maybe things will improve later this year, especially with the launch of the Volvo EX30 and Volvo EX90.

In the future, the all-electric Volvo XC40 Recharge and the Volvo C40 Recharge will also be named “EX”: EX40 and EC40, respectively.

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