Volvo Cars Records 8.8 Percent Sales Growth

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Volvo Cars reported 8.8 percent sales growth for the first eleven months of 2021 to 634,257 cars and are on track for a full-year sales increase versus 2020, demonstrating its resilience in the face of persistent tough market conditions and supply constraints.

The company recorded 52,793 retail deliveries in November, a decline of 20.7 percent compared to the same month last year. The result was significantly influenced by continued supply shortages, which affected production and consequently deliveries to customers. Despite these restrictions, Volvo Cars saw consistently strong demand for its products as reflected in its order books.

The results also demonstrate the continued popularity of Volvo Cars’ Recharge models, its line-up of cars with a fully electric or plug-in hybrid powertrain. November saw the start of retail deliveries of the new pure electric C40 Recharge model and in Europe, over half of all new Volvo cars sold in November were Recharge models. The global Recharge share was a third of total sales last month.

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So far this year, over 25 percent of the company’s global sales consist of Recharge models. In Europe, this percentage is over 40 per cent and in the United States, it is nearing 20 percent. Globally, sales of Recharge cars are up by over 70 percent since the start of 2021, compared to the same period in 2020.

In the United States, the company has so far sold 111,733 cars this year, an increase of 16.5 percent compared to the first eleven months of 2020. In November, Volvo Cars sold 7,667 cars in the US.

Sales in China for the first eleven months amounted to 157,034 cars, up 6.1 percent compared to the same period in 2020. In November, Volvo Cars sold 13,418 cars in China.

In Europe, year-to-date sales increased by 4.0 percent to 264,910 cars, as strong demand for the company’s Recharge cars supported the sales performance. In November, the company sold 22,415 cars in the region.

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Globally, the XC60 continues to be the best-selling model for the company in 2021, as the company sold 195,108 cars (2020: 169,445) of the model in the first eleven months. The XC40 follows in second with total sales of 184,842 cars (2020: 161,329), while the XC90 is the third-best selling model with 97,365 cars (2020: 80,275).

 November  January- November  
 20202021Change20202021Change
       
Europe26,13122,415-14,2%254,646264,9104.0%
Recharge10,85311,6697,5%75,532114,04451.0%
 – Plug-in hybrid9,5999,8913.0%74,276100,72735.6%
 – Fully electric1,2541,77841,8%1,25613,317960.3%
       
China18,03213,418-25.6%148,033157,0346.1%
Recharge8701,69394.6%5,05810,08799.4%
 – Plug-in hybrid8701,53276.1%5,0589,37685.4%
 – Fully electric161711
       
US11,5907,667-33.8%95,885111,73316.5%
Recharge1,2071,71241.8%5,38619,843268.4%
 – Plug-in hybrid1,1541,30012.7%5,33114,206166.5%
 – Fully electric53412677.4%555,63710,149%
       
Other10;8269,293-14.2%84,434100,58019.1%
Recharge1,7782,22925.4%9,90521,397116.0%
 – Plug-in hybrid1,7781,8876.1%9,90520,104103.0%
 – Fully electric3421,293– 
       
Total66,57952,793-20.7%582,997634,2578.8%
Recharge14,70817,30317.6%95,881165,37172.5%
 – Plug-in hybrid13,40114,6109.0%94,570144,41352.7%
 – Fully electric1,3072,693106,0%1,31120,9581,499%

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Volvo Cars in 2020-2021

For the twelve months between July 2020 and June 2021, Volvo Car Group recorded an operating profit of 22.5 BSEK (14.3 BSEK in 2019). Revenue over the period amounted to 292.1 BSEK (274.1 BSEK in 2019), while global sales reached 773,000 cars.

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