Volvo Cars reports sales of 58,667 cars in March, share of electrified cars increased to 36%

Volvo Cars reports sales of 58,677 cars in March, a decline by 22.1 per cent compared with the same month last year. Customer demand remains strong.

During the first quarter, the number of cars sold increased gradually to a total of 148,295 cars as the supply chain constraints affecting Volvo Cars and the auto industry continued to slowly ease. However, due to a disturbance related to lack of a specific semi-conductor, Volvo Cars is now experiencing a temporary deviation from that trend which is expected to impact production during the second quarter.

In March, sales of Volvo Cars’ Recharge models made up 35.5 per cent of all Volvo cars sold globally during the month. Sales of fully electric cars made up 9.0 per cent of total sales. In the first quarter, Recharge sales made up 33.6 per cent of total sales, while fully electric cars made up 7.9 per cent.

The number of active subscriptions at the end of March had increased by 174 per cent compared with the same period last year. This growth was driven by increasing customer demand in combination with a broadened offer in more markets.

European sales in March fell 30.4 per cent to 26,954 cars sold, with Recharge models making up more than half of total European sales during the month. In the first quarter, Volvo Cars sold 65,157 cars in Europe, down 25.6 per cent compared with the same period last year.

In China, sales declined by 22.6 per cent to 12,378 cars in March. In the first quarter, Volvo Cars sold 35,698 cars in China, a decline of 21.1 per cent compared with the same period last year.

US sales reached 9,428 cars in March, down 5.0 per cent compared with the same month last year. In the first quarter of the year, Volvo Cars sold 22,757 cars in the US, down 16.5 per cent compared with the same period last year.

In March 2022, the XC60 was the company’s top selling model with 16,855 cars (2021: 21,186 units), followed by the XC40 with 17,584 cars (2021: 23,958 units) and the XC90 with sales of 9,141 cars (2021: 9,893 units).

For further information please contact:

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

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

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Volvo Cars in 2021

Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021 amounted to 282.0 BSEK, while global sales reached 698,700 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”.

Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its 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 2021, Volvo Cars employed approximately 41,000 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, Camarillo (US) and Shanghai (China).

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