Volvo Cars achieves monthly sales record in March

Volvo Cars reports sales of 78,970 cars in March, an increase of 25 per cent compared to the same month last year, and an all-time high for global sales during a single month. Volvo Cars’ new fully electric small SUV the EX30 contributed to the sales growth, as well as a strong sales performance in Europe and the US.

Volvo Cars’ line-up of electrified models, with a fully electric or plug-in hybrid powertrain, grew by 24 per cent compared to the same period last year resulting in 33,558 sold cars, which makes up a 42 per cent share of all cars sold globally. Fully electric cars constituted 23 per cent of all cars sold during March.

Total sales for the first quarter of 2024 amounted to 182,687 cars sold globally, an increase of 12 per cent compared to the same period last year. 

“These numbers reflect the strength of our strategy and product diversity - offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix," says Björn Annwall, Volvo Cars’ chief commercial officer & deputy CEO. “We are making good progress towards our annual sales target of at least 15 per cent growth and in the months ahead we will focus on ramping-up sales of our EX30,” he adds.

European sales in March grew 33 per cent compared to the same period last year, reaching 39,756 cars. Electrified cars in the region had a similar growth rate of 34 per cent, resulting in 24,856 cars sold. Sales of electrified cars accounted for 63 per cent of all cars sold in Europe this March.

In the US, sales of Volvo cars reached 15,315 cars which is an increase of 50 per cent compared to March 2023. Sales of electrified cars grew by 25 per cent compared to the same period last year and accounted for 24 per cent of all cars sold in the US.

Sales in China reached 14,005 cars, an increase of 21 per cent compared to the same period last year. During March, 1,039 electrified cars were sold in China, a decrease of 28 per cent compared to the same period last year.

For March 2024, the Volvo XC60 remained the top-selling model with sales reaching 22,402 cars (2023: 18,090 cars), followed by the XC40 with total sales of 20,557 cars (2023: 20,556 cars), and XC90 at 10,826 cars (2023: 9,828 cars).

For further information please contact:

Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations
John Hernander
+46 31-793 94 00
investors@volvocars.com

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Volvo Cars in 2023 

For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 cars.

About Volvo Car Group 

Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.

"For life. To give people the freedom to move in a personal, sustainable and safe way." This purpose is reflected in Volvo Cars' ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.

As of December 2023, Volvo Cars employed approximately 43,400 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg and Shanghai (China).