2024 Triumph: Volvo dominates EV Market with Unprecedented Sales Surge


Volvo Cars (VOLCARb.ST) sold a record number of vehicles in 2023, it said on Friday, boosted by electric car demand and stabilizing supply chains, but its growth rate eased towards the end of the year and the share price slipped in early trade.

Volvo’s Electrifying Ascent: A Pioneer’s Commitment to a Fully Electric Future by 2030

Volvo, one of the pioneering car manufacturers committed to a fully electric future by 2030, is reaping the rewards of its early jump into the electric vehicle market. In 2023, the Swedish manufacturer achieved an impressive global sales milestone by selling a remarkable number of 113,419 electric vehicles (EVs). This represents a 70% increase compared to the previous year and highlights the growing demand for electric mobility.


Total vehicle sales in 2023, EVs accounted for 16%, a significant jump from 10.9% in 2022 and a mere 3.7% in 2021. The consistent growth in the company’s EV sales is evident, with 66,749 EVs sold in 2022 and 25,727 in 2021. This trajectory reinforces Volvo’s position as a leader in the transition to sustainable mobility.

However, it faced a minor setback in December 2023, experiencing a 16% decline in EV sales compared to December 2022. This decrease was observed in all key markets, including the United States, Europe, and China. Despite this, the company remains optimistic and expects a swift recovery with the introduction of new models.

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The highly anticipated EX30, priced at $35,000, will hit the US market in mid-2024. Meanwhile, the company’s flagship vehicle, the EX90, a three-row electric SUV, will be available for purchase early this year, with a starting price of $76,695. Volvo aims to compete with top electric SUVs such as the Rivian R1S, Kia EV9, and Mercedes EQS.

CEO Insights: Volvo’s Confidence in Electric Future Amidst Media Speculations

But Volvo doesn’t stop there. In China, the company will unveil its first electric minivan, the EM90, boasting an impressive range of 450 miles according to the WLTP cycle. The introduction of these new models in different segments is expected to drive significant sales growth in the coming year, according to Volvo CEO Jim Rowan. Rowan emphasized that there have been no reports of order cancellations or a slowdown in order acceptance, debunking media claims. This statement further solidifies Volvo’s confidence in its electric vehicle strategy.

2025 Vision: Volvo’s Ambitious Target of 50% Fully Electric Sales

To continue innovating in the electric vehicle field, the company recently secured a loan of €420 million ($460 million) from the European Investment Bank. These funds will be allocated to the development of a new electric vehicle platform that prioritizes enhanced safety, sustainability, faster charging capabilities, and greater efficiency. the company’s ambition is clear: by 2025, the company aims for 50% of its sales, approximately 600,000 vehicles, to be fully electric. As Volvo advances towards its goal of having a complete lineup of electric vehicles by 2030, the car manufacturer remains an influential player in the global electric vehicle market, with its unique and highly anticipated models ready to captivate consumers worldwide.


– How many electric vehicles did Volvo sell in 2023?
In 2023, Volvo sold 113,419 electric vehicles, setting a new worldwide sales record.

– What percentage of company’s total vehicle sales were EVs in 2023?
Electric vehicles accounted for 16% of Volvo’s total vehicle sales in 2023.

– How much did the company’s EV sales increase in 2023 compared to the previous year?
Volvo experienced a 70% increase in electric vehicle sales in 2023 compared to the previous year.

– Did the company experience a slowdown in EV sales in December 2023?
Yes, Volvo’s electric vehicle sales experienced a 16% decline in December 2023 compared to December 2022.

– When will the company launch the EX30 and EX90?
The EX30 is expected to be launched in the United States in mid-2024, while the flagship EX90 will be available for sale early this year.

– What is the company’s target for fully electric sales by 2025?
Volvo aims to achieve 50% of its sales as fully electric vehicles by 2025, which is approximately 600,000 vehicles.


Embracing innovation and driving towards a sustainable future, the company’s 2024 milestone marks an unparalleled dominance in the global electric vehicle market. With record-breaking sales and a steadfast commitment to a fully electric lineup, Volvo stands at the forefront of automotive evolution.

Disclaimer: The details provided in this article are based on available sources and may not be 100% accurate. The values mentioned are estimations, and actual auction results may vary.

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