Volvo Cars reports its 14th consecutive month of growth as global sales reached 59,861 cars in October, up 10 per cent compared to the same period last year. The sales increase was primarily driven by the company’s fully electric cars.
For the period January-October 2023, the company sold 569,019 cars, which is 18 per cent higher compared to the same period for 2022.
In October, Volvo Cars’ electrified Recharge models, with a fully electric or plug-in hybrid powertrain, made up 36 per cent of all Volvo cars sold globally during the month. Sales of fully electric cars grew by 29 per cent compared to the same period last year and comprised 18 per cent of total sales, which was 12 per cent in October 2022.
For Europe, sales grew to 24,892 cars, an increase of 13 per cent compared to the same month last year. Sales of Recharge cars accounted for 55 per cent of the total sales in the region.
Volvo Cars’ sales in the US grew 19 per cent compared to the same month last year, amounting to 11,296 cars. Sales of fully electric cars grew 49 per cent and Recharge models constituted 27 per cent of all cars sold in the US during October.
Sales in China remained flat in October compared to the same period last year, resulting in 15,041 cars. Recharge cars grew by 27 per cent.
In October, Volvo’s XC60 was the top-selling model with sales reaching 20,212 (2022:17,531), followed by the XC40, with total sales at 17,022 cars (2022: 14,883 units), and XC90 at 7,961 cars (2022: 7,651 units).
|
October |
October |
Jan-Oct |
Jan-Oct |
||||
|
2023 |
2022 |
Change |
2023 |
2022 |
Change |
||
|
Europe |
24,892 |
22,030 |
13% |
233,661 |
188,046 |
24% |
|
|
Recharge |
13,663 |
14,287 |
-4% |
138,989 |
95,601 |
45% |
|
|
- Fully electric |
7,009 |
6,172 |
14% |
59,775 |
26,746 |
123% |
|
|
- Plug-in hybrid |
6,654 |
8,115 |
-18% |
79,214 |
68,855 |
15% |
|
|
China |
15,041 |
15,048 |
0% |
138,969 |
132,792 |
5% |
|
|
Recharge |
1,166 |
917 |
27% |
12,298 |
9,168 |
34% |
|
|
- Fully electric |
237 |
80 |
196% |
2,768 |
2,025 |
37% |
|
|
- Plug-in hybrid |
929 |
837 |
11% |
9,530 |
7,143 |
33% |
|
|
US |
11,296 |
9,478 |
19% |
103,421 |
81,694 |
27% |
|
|
Recharge |
3,041 |
2,528 |
20% |
29,387 |
21,943 |
34% |
|
|
- Fully electric |
1,240 |
835 |
49% |
12,083 |
5,100 |
137% |
|
|
- Plug-in hybrid |
1,801 |
1,693 |
6% |
17,304 |
16,843 |
3% |
|
|
Other |
8,632 |
7,761 |
11% |
92,968 |
80,772 |
15% |
|
|
Recharge |
3,473 |
2,265 |
53% |
33,897 |
21,860 |
55% |
|
|
- Fully electric |
2,003 |
1,061 |
89% |
16,492 |
6,646 |
148% |
|
|
- Plug-in hybrid |
1,470 |
1,204 |
22% |
17,405 |
15,214 |
14% |
|
|
Total |
59,861 |
54,317 |
10% |
569,019 |
483,304 |
18% |
|
|
Recharge |
21,343 |
19,997 |
7% |
214,571 |
148,572 |
44% |
|
|
- Fully electric |
10,489 |
8,148 |
29% |
91,118 |
40,517 |
125% |
|
|
- Plug-in hybrid |
10,854 |
11,849 |
-8% |
123,453 |
108,055 |
14% |
|
|
|
|
||||||
-------------------------------
Volvo Cars in 2022
For the full year 2022, Volvo Car Group recorded an operating profit of SEK 22.3 billion. Revenue in 2022 amounted to SEK 330.1 billion, while global sales reached 615,121 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".
"For life. To give people the freedom to move in a personal, sustainable and safe way." This purpose is reflected in Volvo Cars' 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 2022, Volvo Cars employed approximately 43,200 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 and Shanghai (China).
