Volvo Cars reports November sales

Volvo Cars reported global sales of 60,244 cars in November, down 10 per cent compared to the same period last year.

“November’s sales figures highlight the ongoing structural and transformational challenges affecting both Volvo Cars and the broader industry,” said Erik Severinson, Chief Commercial Officer. “Despite a decline in overall sales, we are encouraged by the growth in sales of our fully electric cars and accelerated deliveries of the new XC70 long-range plug-in hybrid in China which continues to expand our position in the rapidly growing electrified segment. However, sales in the U.S. continue to remain subdued post phase-out of EV tax credits.”

The company's sales of electrified models – fully electric and plug-in hybrid models accounted for 50 per cent of all cars sold during November. Fully electric cars comprised 24 per cent of all cars sold for the month, while the share of plug-in hybrid models accounted for 26 per cent.

In November, the XC60 was the top-selling model with sales of 16,267 cars (2024: 21,586), followed by the XC40/EX40, with total sales of 13,965 cars (2024: 14,613) and the XC90 at 8,304 cars (2024: 10,533).

For further information please contact:

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

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

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Volvo Cars in 2024
For the full year 2024, Volvo Car Group recorded a record-breaking core operating profit of SEK 27 billion. Revenue in 2024 amounted to an all-time high of SEK 400.2 billion, while global sales reached a record 763,389 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 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to achieve net-zero greenhouse gas emissions by 2040.

As of December 2024, Volvo Cars employed approximately 42,600 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).