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Reading: Volvo plug-in car sales surged 31% in January 2023
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EV-a2z > News > Volvo plug-in car sales surged 31% in January 2023
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Volvo plug-in car sales surged 31% in January 2023

EV-a2zm
Last updated: 2023/02/20 at 6:01 AM
EV-a2zm Published February 8, 2023 4 Min Read
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Volvo car dealership, many cars parked outside showroom with Volvo logo above. Swedish vehicle manufacturer
Volvo car dealership, many cars parked outside showroom with Volvo logo above. Swedish vehicle manufacturer
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Swedish automaker Volvo Cars saw a year-on-year global sales growth of 2% to 48,520 units in January 2023, per its press release. Remarkably, the company’s sales of plug-in electric cars are growing at a solid pace.

Contents
Volvo plug-in car sales – January 2023Volvo plug-in car sales – FY 2022

Notably, 12,820 of Volvo’s 21,436 European car sales were plug-in cars. The US recorded a YoY sales growth of 24% to 2,370 plug-in cars out of the 7,693 total. Meanwhile, its plug-in car sales in the Chinese market also grew 10% to 1,258 out of the overall sales of 11,783 units.

On the other hand, other markets accounted for 7,608 of Volvo’s overall global sales, including 3,294 plug-in units.

Volvo plug-in car sales – January 2023

Volvo reported a YoY sales growth of 31% to 19,742 plug-in cars in January. That figure held 40.7% of the company’s overall sales, marking its third month in a row of beyond 40% volume share.

Volvo Cars January global sales up 2%; Recharge models up 31%, for 40.7% of all cars sold https://t.co/FhoAL058EJ pic.twitter.com/yh7ONmPcB1

— EcoTopical (@EcoTopicalNews) February 4, 2023

Its all-electric car sales saw a YoY growth of 152% to 7,874 units, while its plug-in hybrids had 11,868 unit sales (down 1%). However, BEV sales should not take long to surpass plug-in hybrids, given that the latter has already suffered declining sales for 13 subsequent months.

Volvo plug-in car result:

 Sales and ChangesShare
BEVs7,874, up 152%16.2%
PHEVs11,868, down 1%24.5%
Total19,742, up 31%40.7%

Volvo plug-in car sales – FY 2022

In retrospect, Volvo also had a remarkable result in 2022, with more than 205,000 plug-in electric car sales. That figure represents a significant growth from 2021’s record of nearly 190,000 units.

Volvo plug-in car sales YTD 2022:

 Sales and ChangesShare
BEVs66,749, up 159%10.9%
PHEVs138,603, down 15%22.5%
Total205,352, up 8.5%33.4%

Based on these data, Volvo’s plug-in car sales have a strong potential to surpass 250,000 or reach 300,000 in 2023. However, the company must first reach a growth rate of 50%.

Nonetheless, Volvo’s sales of plug-in vehicles, particularly all-electric vehicles, are projected to grow further. Its upcoming Volvo EX90 large SUV with a 111 kilowatt-hour (kWh) battery will surely sway the market.

You can check Volvo’s detailed January 2023 results in the table below:


January
   
 20232022Change
    
Europe21,43618,69114.7%
Recharge12,8209,92629.2%
 – Plug-in hybrid7,4837,940-5.8%
 – Fully electric5,3371,986168.7%
    
China11,78314,629-19.5%
Recharge1,2581,1479.7%
 – Plug-in hybrid9391,039-9.6%
 – Fully electric319108195.4%
    
US7,6937,1108.2%
Recharge2,3701,90824.2%
 – Plug-in hybrid1,5991,4808.0%
 – Fully electric77142880.1%
    
Other7,6087,1316.7%
Recharge3,2942,09057.6%
 – Plug-in hybrid1,8471,48524.4%
 – Fully electric1,447605139.2%
    
Total48,52047,5612.0%
Recharge19,74215,07131.0%
 – Plug-in hybrid11,86811,944-0.6%
 – Fully electric7,8743,127151.8%
 Source: Volvo

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TAGGED: Electric Vehicle, EV, EV Sales, Volvo
EV-a2zm February 20, 2023 February 20, 2023
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