Volvo Cars has announced a record-breaking year for 2024, with global sales reaching 763,389 units, an 8% increase over 2023’s figures. Despite a slight 3% dip in December sales to 73,804 units, the company’s strong performance throughout the year underscores its growing dominance in the automotive sector, particularly in electrified mobility.
Electrified Models Shine
The spotlight was firmly on Volvo’s electrified lineup, which accounted for 46% of total sales in 2024. The company sold 175,194 fully electric vehicles (EVs), marking a staggering 54% increase from 2023. Additionally, sales of plug-in hybrid models rose by 16%, totaling 177,593 units. Fully electric vehicles represented 23% of global sales, up from 16% in 2023.
Regional Highlights
- Europe: Sales surged by 25% to 369,685 cars, with electrified models making up 65% of total sales. Fully electric vehicle sales soared by 76% to 133,070 units.
- United States: Despite a 3% dip in overall sales to 125,243 units, electrified models saw a 20% increase, accounting for 34% of total sales.
- China: Sales fell 8% to 156,370 units. However, electrified model sales grew by 3%, driven by a 33% increase in fully electric vehicle sales.
- Other Markets: Sales totaled 112,091 units, a 3% decline from 2023. Electrified model sales grew by 27%, with fully electric vehicle sales rising by 53%.
Top-Selling Models
The Volvo XC60 remained the company’s best-selling model, with 230,853 units sold (2023: 228,646). The XC40/EX40 followed with 173,890 units, while the XC90 secured third place with 108,621 units sold.
Financial Performance
Volvo Cars also recorded exceptional financial results in 2023, with a core operating profit of SEK 25.6 billion and revenue of SEK 399.3 billion.
Volvo Cars’ 2024 performance underscores its commitment to electrification and sustainable mobility. As the company continues to innovate, its electrified portfolio is poised to play an even larger role in driving global sales and supporting its vision for a greener future.
