Volvo Cars' global sales up 13 per cent in May

Volvo Cars reports global sales of 68,034 cars in May, up 13 per cent compared to the same period last year. The sales increase was primarily driven by a strong performance in Europe as well as the company's fully electric small SUV, the EX30.

The company's sales of electrified models, fully electric and plug-in hybrid models, grew 37 per cent compared to the same period last year and accounted for 48 per cent of all cars sold during May. The share of fully electric cars constituted 25 per cent of all cars sold for the month.

The total sales for the period of January through May amounted to 316,559 cars globally, an increase of 15 per cent compared to the same period 2023.

"This month's sales figures are another measure of our progress towards our sales target of at least 15 per cent growth for 2024," said Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars. "I am delighted to see another month of solid growth, which is a testament to the strength of our brand. It's also reassuring to see the positive consumer response to the EX30, which has quickly become one of the best-selling fully electric cars in Europe.”

In Europe, sales reached 33,252 cars in May, up 27 per cent compared to the same period last year. The sales of Volvo Cars' electrified models increased by 34 per cent compared to the same period last year, and the share of electrified models accounted for 66 per cent of all cars sold in Europe during May. Sales in the US saw a 5 per cent decrease in May, totalling 10,153 cars. However, the sales of our plug-in hybrid models went up 113 per cent compared to the same period last year.

Volvo Cars Belgium continues its momentum, in May, Volvo registered 2.291 vehicles, which represents a market share of 5.89%, and a growth of 22% compared to May 2023. Overall, Volvo Cars Belgium has sold 13.224 cars this year for a market share of 6.19% and a growth of 37.4%, these figures put Volvo on the 5th place in the ranking of the best sold brands in Belgium. 

Volvo Cars' sales in China reached 13,934 cars, down 1 per cent compared to May 2023. Sales of electrified models – fully electric and plug-in hybrid models - stood at 1,303 sold cars, an increase of 10 per cent compared to the same period last year.

In May, the Volvo XC60 was the top-selling model with sales of 20,507 cars (2023: 18,052), followed by the XC40, with total sales of 13,640 cars (2023: 17,596) and the EX30 at 11,035 cars (2023: 0)

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Volvo Cars in 2023
For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 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 achieve net-zero greenhouse gas emissions by 2040.

As of December 2023, Volvo Cars employed approximately 43,400 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).

For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com