Volvo Cars reports new global sales record in 2024
Volvo Cars set a new global sales record as the company reports full-year sales of 763,389 cars during 2024, an increase of 8 per cent compared with the full year of 2023. For the month of December, Volvo Cars sold 73,804 cars globally, a decrease of 3 per cent compared to December 2023.
Volvo Cars also saw a significant increase in sales of its electrified cars. For the full year 2024, Volvo Cars sold 175,194 fully electric cars, an increase of 54 per cent compared with 2023, and 177,593 plug-in hybrid cars, a 16 per cent increase compared with 2023. Sales of electrified models accounted for 46 per cent of all Volvo cars sold globally during 2024. Sales of fully electric cars accounted for 23 per cent of all Volvo cars sold globally during 2024, compared with 16 per cent in 2023.
European sales reached 369,685 cars during 2024, an increase of 25 per cent compared with 2023. Volvo Cars’ line-up of electrified models – fully electric and plug-in hybrid cars – accounted for 65 per cent of all the cars sold in the region last year.
Volvo Cars’ US sales for 2024 amounted to 125,243 cars, down 3 per cent compared to the full year of 2023. The number of electrified models sold increased by 20 per cent and accounted for 34 per cent of all cars sold in the US during the year.
Sales in China decreased 8 per cent compared to 2023, resulting in 156,370 sold cars during 2024. Overall, sales of electrified models grew 3 per cent during the January-to-December period.
For 2024, the Volvo XC60 was the top-selling model with sales of 230,853 cars (2023: 228,646), followed by the XC40/EX40 with total sales of 173,890 cars (2023: 200,670) and the XC90 at 108,621 cars (2023: 107,549).
| December | December | Jan-Dec | Jan-Dec | |||
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| Europe | 33 488 | 34 726 | -4% | 369 685 | 294 794 | 25% |
| Electrified models | 21 390 | 18 933 | 13% | 240 425 | 172 575 | 39% |
| – Fully electric | 9 587 | 8 920 | 7% | 133 070 | 75 476 | 76% |
| – Plug-in hybrid | 11 803 | 10 013 | 18% | 107 355 | 97 099 | 11% |
| Mild hybrids/ICE | 12 098 | 15 793 | -23% | 129 260 | 122 219 | 6% |
| China | 15 908 | 15 944 | 0% | 156 370 | 170 091 | -8% |
| Electrified models | 2 501 | 1 715 | 46% | 15 766 | 15 356 | 3% |
| – Fully electric | 729 | 249 | 193% | 4 349 | 3 281 | 33% |
| – Plug-in hybrid | 1 772 | 1 466 | 21% | 11 417 | 12 075 | -5% |
| Mild hybrids/ICE | 13 407 | 14 229 | -6% | 140 604 | 154 735 | -9% |
| US | 14 077 | 13 609 | 3% | 125 243 | 128 701 | -3% |
| Electrified models | 4 772 | 3 232 | 48% | 42 902 | 35 657 | 20% |
| – Fully electric | 789 | 686 | 15% | 5 608 | 13 609 | -59% |
| – Plug-in hybrid | 3 983 | 2 546 | 56% | 37 294 | 22 048 | 69% |
| Mild hybrids/ICE | 9 305 | 10 377 | -10% | 82 341 | 93 044 | -12% |
| Other | 10 331 | 11 736 | -12% | 112 091 | 115 130 | -3% |
| Electrified models | 5 372 | 4 581 | 17% | 53 694 | 42 392 | 27% |
| – Fully electric | 3 025 | 2 415 | 25% | 32 167 | 21 053 | 53% |
| – Plug-in hybrid | 2 347 | 2 166 | 8% | 21 527 | 21 339 | 1% |
| Mild hybrids/ICE | 4 959 | 7 155 | -31% | 58 397 | 72 738 | -20% |
| Total | 73 804 | 76 015 | -3% | 763 389 | 708 716 | 8% |
| Electrified models | 34 035 | 28 461 | 20% | 352 787 | 265 980 | 33% |
| – Fully electric | 14 130 | 12 270 | 15% | 175 194 | 113 419 | 54% |
| – Plug-in hybrid | 19 905 | 16 191 | 23% | 177 593 | 152 561 | 16% |
| Mild hybrids/ICE | 39 769 | 47 554 | -16% | 410 602 | 442 736 | -7% |
Volvo Cars in 2023
For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 cars.
Volvo Car USA and Canada reports sales of 138,647 in 2024, with strong electrified results
MAHWAH, NJ (Jan. 7, 2025) – Volvo Car USA and Canada reports sales of 138,647 cars for the full year 2024, down 2.1percent compared with last year. Electrified models—those with a fully electric or plug-in hybrid powertrain—accounted for 35.4 percent of sales during the year, up 22.3 percent compared over last year.
In December Volvo Car USA and Canada sold 15,131 cars, up 2.1 percent over the same period last year. Electrified models represented 35.7 percent of December sales; an increase of 44.5 percent compared with the same period last year.
For the full year 2024, sales in the US reached 125,243 cars, down 2.7 percent compared with the previous year. Electrified models accounted for 34.3 percent during the year, up 20.3 percent compared over last year.
December sales in the US reached 14,077 cars, up 3.4 percent over the same period last year. Sales of electrified models represented 33.9 percent; an increase of 47.6 percent compared with the same period last year.
In 2024, Canada set a new annual sales record with 13,404 cars sold, up 4.2 percent compared with the previous record-setting year. Sales of electrified models accounted for 46.1 percent during the year, up 38.2 percent compared over last year.
December sales in Canada were down 12.7 percent over the same period last year, with a volume of 1,054 cars. Sales of electrified models accounted for 59.6 percent; an increase of 24.1 percent compared with the same period last year.
In the US, the XC60 compact luxury SUV was the top selling model with a record-setting 5,245 cars sold during December, followed by the XC90 midsize luxury SUV (5,006 cars) and XC40 small luxury SUV (2,591 cars).
“We continued to see demand from our customers for our cars through the end of the year, especially for our electrified models,” said Mike Cottone, President, Volvo Car USA and Canada. “I’d like to thank our retail partners, loyal customers and valued employees for their commitment to Volvo Cars as we continue to build on our momentum in the new year.”