Volvo records 3% sales growth in August 2024, EVs leading the charge

KUALA LUMPUR: Founded in 1927, Volvo is one of the most well-known car brands in the world with an extensive sales network in more than 100 nations. The Swedish automaker recently revealed its global sales numbers for August 2024. During the month, Volvo delivered a total of 52,944 cars across the globe, representing a 3% increase over the same period last year.

Looking at the YTD performance, the automaker sold a total of 498,464 vehicles in the first eight months of 2024. This represents an impressive 11% increase compared to the same period in 2023, signalling a strong and consistent demand for Volvo cars.

The credit for the increasing sales volume goes to the strong performance of the brand’s fully electric cars in Europe. Volvo EVs have continued to gain traction among European consumers, which reflects the growing demand for sustainable mobility options in the region.

The sales of Volvo electric and plug-in hybrid models increased by 47% compared to last year. These models played a significant role in the brand’s overall sales performance in August, accounting for 47% of all vehicles sold. However, if we look at pure EVs, they accounted for 25% of these sales.

“It is good to see that we were able to close out August with continued sales growth. We have a robust brand, and we continue to see solid consumer interest across our lineup,” said Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars. “The performance in Europe was particularly encouraging, as the sales of our EVs continue to grow at a rapid pace, with the EX30 leading the way.”

Volvo sales across major markets

Europe: As mentioned above, Europe is Volvo’s top-performing market with a total sales volume of 21,119 units last month. It showcases a 32% growth over the same month last year. The fully electric and plug-in hybrid models made up 73% of all Volvo cars sold during the month.

US: In the United sales, Volvo's sales took a slight dip of 2% in August, with a total sales of 10,420 vehicles. Despite the overall drop, the company experienced a significant rise in the demand for plug-in hybrid models, which saw an 84% jump in sales compared to August 2023. 

China: Volvo is facing a challenging time in the Chinese market, with sales dropping by 23% to 12,185 units. However, the demand for electrified models in the region remained promising, as sales of electrified vehicles grew by 10%.

Top-selling Volvo models 

The brand’s top-selling models are - 

Volvo XC60	14,723 cars (2023: 16,476)
Volvo XC40/EX40	10,668 cars (2023: 13,942)
Volvo EX30	8,346 cars (2023: 0)

The above table reveals that the brand’s new EV, the Volvo EX30, has quickly gained traction in the market, despite being a newcomer. It signals a positive shift towards electrification in the automotive industry.

Closer to home, Volvo Cars Malaysia will bring the EX30 to the local shores later this month. It is the brand’s smallest SUV packed with a range of smart technologies and advanced safety features. 

The EV comes in single and dual-motor setups; the former delivers a maximum power of 272 PS and a peak torque of 343 Nm while the latter is good for making 428 PS and 543 Nm. Equipped with either a 51 kWh LFP or a 69 kWh NMC battery pack, the EV offers a driving range of up to 480 km.

Will the highly-anticipated Volvo EX30 make a splash in the Malaysian market? What do you think?

Also read: Volvo ES90 EV global debut next year; EX60 also in the works