Volvo U.S. Plug-In Car Sales Slow Down In January 2024

Volvo Cars USA reports that its car sales in the United States amounted to 7,716 in January, which is about the same as a year ago (up 0.3% year-over-year).

However, when it comes to plug-in electric car sales, the results worsened compared to January 2023.

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Volvo electrification hit a new record in 2023

In 2023, Volvo sold in the U.S., a record number of over 35,000 plug-in electric cars (up 28% year-over-year), including a record number of 13,609 all-electric cars (up 86% year-over-year). Between 2023 and 2030, the brand’s BEV share is expected to increase from 10 to 100%.

In January, Volvo plug-in electric car sales amounted to 1,875, down 21% year-over-year. The market share remained relatively high at 24.3%, although the result is kind of worrying since it’s lower than both January 2023 and January 2022.

The main reason behind the decline is all-electric car sales of just 260 cars (down 66% year-over-year). Plug-in hybrids noted a relatively stable level of 1,615 units (up 1% year-over-year).

We know that Volvo’s all-electric lineup awaits reinforcements in the form of the new 2024 model year versions of the C40 and XC40. Also, the all-new EX30 and EX90 models are coming later this year.

Volvo plug-in car sales last month (YOY change):

  • BEVs: 260 (down 66%) and 3.4% share
  • PHEVs: 1,615 (up 1%) and 20.9% share
  • Total Recharge: 1,875 (down 21%) and 24.3% share

For reference, in 2023, Volvo sold over 35,000 plug-in electric cars in the U.S. (up 28% year-over-year), which was almost 28% of the total volume.

Volvo plug-in car sales in 2023 (YOY change):

  • BEVs: 13,609 (up 86%) and 10.6% share
  • PHEVs: 22,048 (up 7%) and 17.1% share
  • Total Recharge: 35,657 (up 28%) and 27.7% share
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In 2024, Volvo has a chance to significantly increase all-electric car sales. However, it depends on the supply of the Volvo EX90 and the Volvo EX30, which will join the Volvo XC40 Recharge and the Volvo C40 Recharge. The Volvo EX30 has some software issues that hold it back.