Written by Cláudio Afonso | LinkedIn | X
Volvo Cars said on Tuesday its global sales in January fell 5% year over year to 50,820 vehicles.
Sales of battery electric vehicles (BEVs) rose 5% to 9,705 units, while plug-in hybrid vehicles (PHEVs) surged 28% to 12,693, with both categories accounting for nearly half of all cars sold last month.
The company said its sales of new energy vehicles (BEV + PHEV) increased “across all major markets” while justifying the decrease in total sales “largely due to the timing of the Chinese New Year.”
Extended range and internal combustion engine models stood at 28,422, down 17% from the 34,231 recorded in January 2024. In total, NEV sales increased 17% from a year ago to 22,398 units.
The company’s sales of electrified models – fully electric and plug-in hybrid models – grew 17 per cent compared to the same period last year and accounted for 44 per cent of all cars sold during January. The share of fully electric cars constituted 19 per cent of all cars sold for the month.
The XC60 SUV was Volvo’s best-selling model with sales of 18,972 units with the XC40/EX40 (8,736) and the XC90Â closing the podium ( 7,473 units).
Volvo Cars sold 763,389 vehicles in 2024, marking an 8% increase compared to the previous year. The growth was fueled by strong demand in Europe, where sales rose by 25% to 369,685 units, accounting for nearly half of the company’s total sales.
Last week, the company signed a purchase agreement with the Swedish battery maker Northvolt to acquire full ownership of their joint venture, Novo Energy.
While not revealing the price of the deal, Volvo Cars added that the acquisition would not affect its planned investments or cash flow ambitions.
