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Volvo Cars records 8.8 percent sales growth in first eleven months, on track for full-year sales increase

GLOBAL ANNOUNCEMENT

Volvo Cars reported 8.8 percent sales growth for the first eleven months of 2021 to 634,257 cars and is 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.

So far this year, over 25 percent of the company’s global sales consist of Recharge models. In Europe, this percentage is over 40 percent 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. During 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.

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    
  2020 2021 Change 2020 2021 Change
             
Europe 26,131 22,415 -14,2% 254,646 264,910 4.0%
Recharge 10,853 11,669 7,5% 75,532 114,044 51.0%
 - Plug-in hybrid 9,599 9,891 3.0% 74,276 100,727 35.6%
 - Fully electric 1,254 1,778 41,8% 1,256 13,317 960.3%
             
China 18,032 13,418 -25.6% 148,033 157,034 6.1%
Recharge 870 1,693 94.6% 5,058 10,087 99.4%
 - Plug-in hybrid 870 1,532 76.1% 5,058 9,376 85.4%
 - Fully electric - 161 - - 711 -
             
US 11,590 7,667 -33.8% 95,885 111,733 16.5%
Recharge 1,207 1,712 41.8% 5,386 19,843 268.4%
 - Plug-in hybrid 1,154 1,300 12.7% 5,331 14,206 166.5%
 - Fully electric 53 412 677.4% 55 5,637 10,149%
             
Other 10;826 9,293 -14.2% 84,434 100,580 19.1%
Recharge 1,778 2,229 25.4% 9,905 21,397 116.0%
 - Plug-in hybrid 1,778 1,887 6.1% 9,905 20,104 103.0%
 - Fully electric - 342 - - 1,293
             
Total 66,579 52,793 -20.7% 582,997 634,257 8.8%
Recharge 14,708 17,303 17.6% 95,881 165,371 72.5%
 - Plug-in hybrid 13,401 14,610 9.0% 94,570 144,413 52.7%
 - Fully electric 1,307 2,693 106,0% 1,311 20,958 1,499%

 

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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.

 

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”.

 

Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its 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 2020, Volvo Cars employed approximately 40,000 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 (Sweden), Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US), Sunnyvale (US) and Shanghai (China).

 

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Descriptions and facts in this press material relate to Volvo Cars' international car range. Described features might be optional. Vehicle specifications may vary from one country to another and may be altered without prior notification.
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