Volvo Cars achieved a global sales record in March thanks to EVs

Volvo Cars’ global BEV sales are up 43% year-over-year in March – here’s how its monthly and quarterly EV sales break down.

Volvo Cars reported an all-time high today for global sales during a single month and says its “new fully electric small SUV, the EX30, contributed to the sales growth.” Björn Annwall, Volvo Cars’ chief commercial officer & deputy CEO, says that “in the months ahead, we will focus on ramping up sales of our EX30.” BEVs made up 23% of all cars sold during March.

Volvo Cars’ sales of electrified cars, consisting of BEVs and PHEVs, grew by 24% year-over-year in March, resulting in 33,558 sold cars, which makes up a 42% share of all cars sold globally. Of the electrified cars sold, 18,021 of those – up from 12,621 in March 2023 – were BEVs.

In Europe, BEVs saw a 66% year-over-year growth rate, resulting in 8,995 cars sold. Sales of electrified cars accounted for 63% of all cars sold in Europe this March.

Sales of electrified cars in the US grew by 25% in March compared to the same period last year and accounted for 24% of all Volvo cars sold in the US. Plug-in hybrids saw a 76% surge year-over-year, but BEVs saw a 66% drop. The EX30 release date isn’t landing in the US until this summer.

During March, 1,039 electrified Volvos were sold in China, a decrease of 28% compared to the same period last year.

Volvo saw a 27% increase of BEV sales in Q1 2024 year-over-year. BEV sales dropped in China (-28%) and the US (-65%) in Q1, but increased in Europe (48%).

Volvo Cars’ CEO said to Reuters in January that the company is confident of “tremendous growth” in the EV market. The automaker expects EVs to account for 50% of its sales volume by 2025, and to be selling only EVs by 2030.

Read more: Volvo Cars says its new partner will reduce its EVs’ charging time by 30%

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