Volvo Hits Major Electrification Milestone: Nearly 50% Of Global Sales Are EVs In 2024

Volvo Cars revealed exceptional progress in its electrification strategy during 2024, with electric vehicles (EVs) – including both battery-electric (BEV) and plug-in hybrid (PHEV) models – accounting for nearly half of its global sales. 

According to Volvo, the company reported total global sales of 763,389 vehicles in 2024, representing an 8% increase from the previous year. Within this total, full EV sales surged by 54% to reach 175,194 units, while plug-in hybrid sales grew by 16% to 177,593 units. Together, these electrified vehicles constituted 46% of Volvo’s worldwide sales, marking a significant shift in consumer preferences.

Europe emerged as the primary driver of Volvo’s electrification success, with the region showing remarkable adoption rates. Electrified vehicles captured 65% of Volvo’s European sales, with pure EVs accounting for 36% and PHEVs representing 29%. The company’s overall European sales grew by 25% to 369,685 units, demonstrating strong market performance in its traditional home market.

However, the electrification journey showed varying degrees of success across different regions. In the United States (U.S.), where Volvo sold 125,243 vehicles (a 3% decrease from 2023), the story was more complex. While PHEV sales surged by nearly 70% to 37,294 units, pure EV sales experienced a substantial decline of 59%, dropping to just 5,608 units. This decrease was largely attributed to delays in launching the EX30 model and increasing competition from other manufacturers.

The Chinese market presented its own challenges, with overall sales declining 8% to 156,370 units. Despite this general downturn, EV sales in China grew by 33%. However, they still represented a relatively modest 2.8% of Volvo’s sales in the region. PHEV sales in China decreased by 5%, accounting for 7.3%.

Furthermore, Volvo continues to expand its electric lineup. The company’s popular XC60 model is set to receive an all-electric counterpart, the EX60, which will be built on the next-generation SPA3 platform. This new model is part of Volvo’s broader strategy to launch five new EVs by the end of the decade.

The contrasting regional performance highlights both the opportunities and challenges in the global transition to EVs. While European markets show a strong appetite for electrified vehicles, other regions face various barriers including infrastructure development, pricing considerations, and consumer preferences. Nevertheless, Volvo’s overall performance in 2024 positions it as one of the leading legacy automakers in the transition to electric mobility.

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The company’s success in maintaining strong PHEV sales while growing its pure EV segment suggests a pragmatic approach to electrification, offering customers multiple paths to reduced emissions while the charging infrastructure continues to develop globally. As new models enter the market and charging networks expand, Volvo appears well-positioned to continue its electric transformation in the years ahead.

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