Volvo sells 388,073 cars in H1 2024, up 14%, electrified models share rises to 45%

In the first six months of 2024, sales of electrified models at 173,668 units were up 27% YoY and accounted for 44% of the Swedish manufacturer’s total sales, compared to 40% in first-half 2023

By Ajit Dalvi

12 Jul 2024

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In June 2024, the EX30 with 12,513 units, was Volvo's third best-selling model after the XC60 and XC40/EX40.

Volvo Cars has reported global sales of 71,514 cars in June, up 8% compared to the same period last year. The sales increase was primarily driven by a strong performance in Europe and Latin America and the company's fully electric small SUV, the EX30.

The company's sales of electrified models, fully electric and plug-in hybrid models, grew 41% YoY and accounted for 48% of all cars sold during June. The share of fully electric cars constituted 26% of all cars sold for the month. In June, the Volvo XC60 was the top-selling model with sales of 19,222 cars (2023: 21,053), followed by the XC40/EX40, with total sales of 16,195 cars (2023: 18,170) and the EX30 at 12,513 cars (2023: 0).

Total sales for the January to June 2024 period were 388,073 cars globally, an increase of 14% compared H1 2023 (341,691 units).

Volvo Cars, which is committed to going fully electric by 2030, has targeted its EV sales mix to achieve 50% by 2025 and 100% by 2030. In the first six months of 2024, sales of electrified models, fully electric and plug-in hybrid models at 173,668 units were up 27% YoY and accounted for 45% of the Swedish manufacturer’s total sales, compared to 40% in first-half 2023. Of this, fully electric models accounted for 90,760 units, up 53% YoY while PHEVs with 82,908 units saw a 7% YoY increase.

European sales up 32%, BEV-PHEV share grows to 71%
Europe continues to be the best market for the Swedish carmaker – the 193,634 units were up 32% YoY and accounted for 50% of total sales in H1 2024. Also, Europe saw deliveries of 123,955 electrified cars and SUVs – this is a 37% YoY increase and 71% of global sales of Volvo Cars’ BEVs and PHEVs in the first six months of this year.

The USA is the No. 2 global market with 61,012 units albeit with muted growth of 2 percent. Sales of electrified models at 18,651 units were up 7% YoY – while BEV demand was down by a sharp 74% to 1,981 units from 7,603 units in H1 2023, demand for PHEVs rose 69% to 16,670 units from 9,886 units a year ago.

Demand for Volvo cars in China was flat – 78,162 units vs 78,562 units in H1 2023. Mild hybrids / ICE models at 71,906 units were up just 1% while sale of electrified models at 6,256 units was down by 17% YoY.

In India, Volvo retailed 269 units in the January-June 2024 period, up 11% YoY.