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.
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.
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 Changes | Share | |
| BEVs | 7,874, up 152% | 16.2% |
| PHEVs | 11,868, down 1% | 24.5% |
| Total | 19,742, 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 Changes | Share | |
| BEVs | 66,749, up 159% | 10.9% |
| PHEVs | 138,603, down 15% | 22.5% |
| Total | 205,352, 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 | |||
| 2023 | 2022 | Change | |
| Europe | 21,436 | 18,691 | 14.7% |
| Recharge | 12,820 | 9,926 | 29.2% |
| – Plug-in hybrid | 7,483 | 7,940 | -5.8% |
| – Fully electric | 5,337 | 1,986 | 168.7% |
| China | 11,783 | 14,629 | -19.5% |
| Recharge | 1,258 | 1,147 | 9.7% |
| – Plug-in hybrid | 939 | 1,039 | -9.6% |
| – Fully electric | 319 | 108 | 195.4% |
| US | 7,693 | 7,110 | 8.2% |
| Recharge | 2,370 | 1,908 | 24.2% |
| – Plug-in hybrid | 1,599 | 1,480 | 8.0% |
| – Fully electric | 771 | 428 | 80.1% |
| Other | 7,608 | 7,131 | 6.7% |
| Recharge | 3,294 | 2,090 | 57.6% |
| – Plug-in hybrid | 1,847 | 1,485 | 24.4% |
| – Fully electric | 1,447 | 605 | 139.2% |
| Total | 48,520 | 47,561 | 2.0% |
| Recharge | 19,742 | 15,071 | 31.0% |
| – Plug-in hybrid | 11,868 | 11,944 | -0.6% |
| – Fully electric | 7,874 | 3,127 | 151.8% |
