Volvo hit a brand new world gross sales file in 2023 with robust demand for EVs

Volvo had a file 12 months in 2023, with EV gross sales pushing world quantity to new highs. The Swedish automaker’s early dedication to EVs is paying off, with over 113,000 absolutely electrical Volvo vehicles offered final 12 months.

Volvo hits new gross sales file in 2023 as EV demand climbs

As one of many first legacy automakers to decide to an EV-only future by 2030, Volvo is already reaping the advantages.

With 113,419 EVs offered in 2023, Volvo hit a brand new world gross sales file. General, EV gross sales have been up 70% in comparison with 2022 as demand continues constructing.

Volvo’s EVs accounted for 16% of its complete car gross sales in 2023. That’s up from 10.9% in 2022 and three.7% in 2021. The corporate offered 66,749 EVs in 2022 and 25,727 in 2021.

Regardless of the expansion final 12 months, Volvo noticed a slowdown in December. Volvo’s EV gross sales slipped 16% final month in comparison with December 2022. Progress slowed throughout all main markets. US electrical car gross sales slipped 39%, Europe 16%, and China EV gross sales have been down 69%.

Volvo expects issues to show round rapidly, with new fashions hitting the market. The EX30, beginning at $35,000, will start rolling out within the US in mid-2024. Volvo’s flagship EX90, its first three-row electrical SUV, will go on sale early this 12 months. The Volvo EX90 will begin at $76,695 and can rival Rivian’s R1S, Kia EV9, and Mercedes EQS.

Volvo can be launching its first electrical minivan, the EM90, in China, with as much as 450 mi CLTC vary.

With new fashions in key segments, just like the EX30 (see our evaluation), Volvo expects to see “moderately first rate volumes” subsequent 12 months, in line with CEO Jim Rowan.

Rowan stated with a full 12 months of EX30 gross sales, the model ought to proceed rising in 2024. When requested about the “reported slowdown” many media shops declare, Rowan stated, “We’re not seeing any order cancellations or any slowdown so as consumption.”

Volvo simply acquired a €420 million ($460M) mortgage from the European Funding Financial institution this week to develop a brand new EV platform. The funds will assist “even safer and extra sustainable” EV tech, together with sooner charging and enhanced effectivity.

By 2025, Volvo goals for 50%, or round 600K, gross sales to be absolutely electrical because it strikes towards an all-EV lineup by 2030.

Electrek’s Take

Volvo’s early transition to EVs is paying off. The automaker offered over 113K absolutely electrical fashions final 12 months, up from 66.7K in 2022 and 25.7K in 2021.

Regardless of a slowdown final month, Volvo’s EV gross sales will seemingly speed up as new fashions just like the EX30, EX90, and EM90 launch in its largest markets. Volvo can be a model to keep watch over over the subsequent 12 months, with distinctive EVs launching in standard segments globally,