Volvo Cars reports new global sales record in 2024
Volvo Cars set a new global sales record as the company reports full-year sales of 763,389 cars during 2024, an increase of 8 per cent compared to the full year of 2023. For the month of December, Volvo Cars sold 73,804 cars globally, a decrease of 3 per cent compared to December 2023.
Volvo Cars also saw a significant increase in sales for its electrified cars. For the full year 2024, Volvo Cars sold 175,194 fully electric cars, an increase of 54 per cent compared to 2023, and 177,593 plug-in hybrid cars, a 16 per cent increase compared to 2023. Sales of electrified models accounted for 46 per cent of all Volvo cars sold globally during 2024. Sales of fully electric cars accounted for 23 per cent of all Volvo cars sold globally during 2024, compared to 16 per cent in 2023.
European sales reached 369,685 cars during 2024, an increase of 25 per cent compared to 2023. Volvo Cars’ line-up of electrified models – fully electric and plug-in hybrid models, accounted for 65 per cent of all the cars sold in the region last year.
Volvo Cars Belgium registered 24.221 vehicles in 2024 which represents an all time high result, with a market share of 5.4%, and a growth of 14% compared to 2023, these figures put Volvo on the 6th place in the ranking of the best sold brands in Belgium.
Volvo Cars’ US sales for 2024 amounted to 125,243 cars, down 3 per cent compared to the full year of 2023. The number of sold electrified models increased by 20 per cent and accounted for 34 per cent of all cars sold in the US during the year.
Sales in China decreased 8 per cent compared to 2023, resulting in 156,370 sold cars during 2024. Overall, sales of electrified models grew 3 per cent during the January to December period.
For 2024, the Volvo XC60 was the top-selling model with sales of 230,853 cars (2023: 228,646), followed by the XC40/EX40, with total sales of 173,890 cars (2023: 200,670) and the XC90 at 108,621 cars (2023: 107,549).
| December | December | Jan-Dec | Jan-Dec | |||
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| Europe | 33 488 | 34 726 | -4% | 369 685 | 294 794 | 25% |
| Electrified Models | 21 390 | 18 933 | 13% | 240 425 | 172 575 | 39% |
| - Fully electric | 9 587 | 8 920 | 7% | 133 070 | 75 476 | 76% |
| - Plug-in hybrid | 11 803 | 10 013 | 18% | 107 355 | 97 099 | 11% |
| Mild hybrids/ICE | 12 098 | 15 793 | -23% | 129 260 | 122 219 | 6% |
| China | 15 908 | 15 944 | 0% | 156 370 | 170 091 | -8% |
| Electrified models | 2 501 | 1 715 | 46% | 15 766 | 15 356 | 3% |
| - Fully electric | 729 | 249 | 193% | 4 349 | 3 281 | 33% |
| - Plug-in hybrid | 1 772 | 1 466 | 21% | 11 417 | 12 075 | -5% |
| Mild hybrids/ICE | 13 407 | 14 229 | -6% | 140 604 | 154 735 | -9% |
| US | 14 077 | 13 609 | 3% | 125 243 | 128 701 | -3% |
| Electrified models | 4 772 | 3 232 | 48% | 42 902 | 35 657 | 20% |
| - Fully electric | 789 | 686 | 15% | 5 608 | 13 609 | -59% |
| - Plug-in hybrid | 3 983 | 2 546 | 56% | 37 294 | 22 048 | 69% |
| Mild hybrids/ICE | 9 305 | 10 377 | -10% | 82 341 | 93 044 | -12% |
| Other | 10 331 | 11 736 | -12% | 112 091 | 115 130 | -3% |
| Electrified models | 5 372 | 4 581 | 17% | 53 694 | 42 392 | 27% |
| - Fully electric | 3 025 | 2 415 | 25% | 32 167 | 21 053 | 53% |
| - Plug-in hybrid | 2 347 | 2 166 | 8% | 21 527 | 21 339 | 1% |
| Mild hybrids/ICE | 4 959 | 7 155 | -31% | 58 397 | 72 738 | -20% |
| Total | 73 804 | 76 015 | -3% | 763 389 | 708 716 | 8% |
| Electrified models | 34 035 | 28 461 | 20% | 352 787 | 265 980 | 33% |
| - Fully electric | 14 130 | 12 270 | 15% | 175 194 | 113 419 | 54% |
| - Plug-in hybrid | 19 905 | 16 191 | 23% | 177 593 | 152 561 | 16% |
| Mild hybrids/ICE | 39 769 | 47 554 | -16% | 410 602 | 442 736 | -7% |
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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 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