Volvo Cars set a new global sales record in 2024, powered by an increase in sales of electric vehicles (EVs).
The Chinese-owned Swedish company sold 763,389 vehicles worldwide in the calendar year, up eight per cent on its 2023 tally which was the previous record.
EV sales were up by 54 per cent to 175,194 vehicles, accounting for 23 per cent of the brand’s total tally – up from 16 per cent in 2023.
Plug-in hybrids (PHEVs) also rose 16 per cent to 177,593 sales, with Volvo touting EVs and PHEVs accounted for 46 per cent of its global sales.
Sales of mild-hybrid vehicles, in contrast, were down seven per cent to 410,602 sales.
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Sales were down in markets such as China, where they fell eight per cent to 156,370 units due to a drop in mild- and plug-in hybrid sales.
They were also down in the US by three per cent to 125,243 units, with a 69 per cent surge in plug-in hybrid sales not enough to offset a 59 per cent drop in EV sales and a 12 per cent decline for petrol-powered vehicles.
However, Volvo was buoyed by an uptick in European sales. It sold 369,685 vehicles there in 2024, up 25 per cent on its 2023 tally, with EVs and PHEVs accounting for 65 per cent of its sales there. Sales of these vehicles were up by 39 per cent.
In Australia, Volvo sales slumped by 20 per cent to 8898 units, with EV sales falling 2.2 per cent.
Apart from the EX30, which launched during the year and shifted 2129 units, only the slow-selling S60 was up, with a single extra vehicle sold over 2023’s tally at 153 units.
There were double-digit declines for the XC40 (3142 sales, down 46.2 per cent), XC60 (1905 sales, down 25.1 per cent), XC90 (856 sales, down 34.1 per cent), C40 (560 sales, down 49.2 per cent), and V60 Cross Country (153 sales, down 21.5 per cent).
While the XC40 was the best-selling vehicle here, globally the XC60 was Volvo’s best-selling vehicle in 2024 with 230,853 units (up one per cent).
The XC40, including electric versions being rebranded as the EX40, sat in second with 173,890 sales (down 13.3 per cent) while the XC90 was third (108,621 sales, up 1.1 per cent).
While Volvo’s EV sales rose in Europe and China, the company announced in September 2024 it was walking back its goal to only sell EVs globally by 2030.
Instead, by 2030 it’s aiming for 90-100 per cent of its sales to be of electrified vehicles, which includes not only EVs but also PHEVs.
By 2025, Volvo expects EVs and PHEVs to account for 50 to 60 per cent of its global sales – a target it’s on track to meet.
