Volvo Cars Achieves Record Global Sales In March, Led By Electric SUV EX30

In a remarkable display of automotive excellence, Volvo Cars has announced a significant surge in its global sales for March, reaching an all-time high of 78,970 cars. This marks a 25 per cent increase compared to the same month last year. A key contributor to this success is the introduction of the new fully electric small SUV, the EX30, which has evidently resonated well with consumers worldwide. Additionally, robust sales performances in Europe and the US have played pivotal roles in achieving these figures.

Volvo Cars' commitment to electrification is evident in its sales of electrified models, which include fully electric or plug-in hybrid powertrains. These models saw a 24 per cent growth compared to last year, with 33,558 units sold in March alone. This accounts for a substantial 42 per cent of Volvo's total global sales for the month, with fully electric cars making up 23 per cent of the total sales.

The first quarter of 2024 has been promising for Volvo Cars, with global sales reaching 182,687 units, indicating a 12 per cent increase from the previous year. "These numbers reflect the strength of our strategy and product diversity – offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix," stated Björn Annwall, Volvo Cars’ Chief Commercial Officer and Deputy CEO. He further highlighted the company's progress towards achieving its annual sales target of at least 15 per cent growth.

Europe witnessed a significant 33 per cent increase in sales for March, with a total of 39,756 cars sold. The region also saw a similar growth rate in its electrified models, selling 24,856 units. Remarkably, electrified cars constituted 63 per cent of all Volvo cars sold in Europe during this period. The US market experienced a substantial 50 per cent increase in sales, reaching 15,315 cars. Electrified models in the US grew by 25 per cent compared to last year and accounted for 24 per cent of all cars sold.

Despite a robust overall performance, sales of electrified cars in China saw a decrease of 28 per cent compared to last year. However, total sales in China still marked an increase of 21 per cent with 14,005 cars sold.

The Volvo XC60 led as the top-selling model for March 2024 with sales reaching 22,402 cars. It was closely followed by the XC40 and XC90 models. The table below provides a detailed breakdown of Volvo Cars' performance across different regions and models:

In conclusion, Volvo Cars' impressive performance in March underscores its strategic focus on electrification and product diversity. With its eyes set on further growth and the ramping up of sales for its EX30 model in the coming months, Volvo Cars continues to solidify its position as a leader in sustainable mobility.

About Volvo Car Group: Founded in 1927 and headquartered in Gothenburg, Sweden, Volvo Cars is traded on the Nasdaq Stockholm exchange under "VOLCAR B". The company aims to become fully electric by 2030 and achieve climate neutrality by 2040. As of December 2023, it employs approximately 43,400 full-time employees worldwide.

Contact: Volvo Cars Media Relations at +46 31-59 65 25 or [email protected].