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Volvo had a record year in 2023, with EV sales pushing global volume to new highs. The Swedish automaker’s early commitment to EVs is paying off, with over 113,000 fully electric Volvo cars sold last year.

Volvo hits new sales record in 2023 as EV demand climbs

As one of the first legacy automakers to commit to an EV-only future by 2030, Volvo is already reaping the benefits.

With 113,419 EVs sold in 2023, Volvo hit a new global sales record. Overall, EV sales were up 70% compared to 2022 as demand continues building.

Volvo’s EVs accounted for 16% of its total vehicle sales in 2023. That’s up from 10.9% in 2022 and 3.7% in 2021. The company sold 66,749 EVs in 2022 and 25,727 in 2021.

2020 2021 2022 2023
Volvo EV sales
(% change YOY)
4,659 25,727
(+452.2%)
66,749
(+159.5%)
113,419
(70%)
Volvo EV sales by year

Despite the growth last year, Volvo saw a slowdown in December. Volvo’s EV sales slipped 16% last month compared to December 2022. Growth slowed across all major markets. US electric vehicle sales slipped 39%, Europe 16%, and China EV sales were down 69%.

Volvo expects things to turn around quickly, with new models hitting the market. The EX30, starting at $35,000, will begin rolling out in the US in mid-2024. Volvo’s flagship EX90, its first three-row electric SUV, will go on sale early this year. The Volvo EX90 will start at $76,695 and will rival Rivian’s R1S, Kia EV9, and Mercedes EQS.

Volvo-sales-record
Volvo EX30 (Source: Volvo)

Volvo is also launching its first electric minivan, the EM90, in China, with up to 450 mi CLTC range.

With new models in key segments, like the EX30 (see our review), Volvo expects to see “reasonably decent volumes” next year, according to CEO Jim Rowan.

Volvo-sales-record
Volvo EX90 (Source: Volvo)

Rowan said with a full year of EX30 sales, the brand should continue growing in 2024. When asked about the “reported slowdown” many media outlets claim, Rowan said, “We are not seeing any order cancellations or any slowdown in order intake.”

Volvo just received a €420 million ($460M) loan from the European Investment Bank this week to develop a new EV platform. The funds will support “even safer and more sustainable” EV tech, including faster charging and enhanced efficiency.

Volvo-EM90-electric-minivan
Volvo’s first electric minivan, the EM90 (source: Volvo)

By 2025, Volvo aims for 50%, or around 600K, sales to be fully electric as it moves toward an all-EV lineup by 2030.

Electrek’s Take

Volvo’s early transition to EVs is paying off. The automaker sold over 113K fully electric models last year, up from 66.7K in 2022 and 25.7K in 2021.

Despite a slowdown last month, Volvo’s EV sales will likely accelerate as new models like the EX30, EX90, and EM90 launch in its biggest markets. Volvo will be a brand to keep an eye on over the next year, with unique EVs launching in popular segments globally,

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Gavin Newsom isn’t afraid of Elon, 650 hp Kia EV6, and Green Machine deals

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Gavin Newsom isn't afraid of Elon, 650 hp Kia EV6, and Green Machine deals

On today’s fact-checking episode of Quick Charge, we’ve got a showdown brewing between California Governor Gavin Newsom and Tesla CEO Elon Musk, an updated 650 hp Kia EV6 GT that’s ready to take on the world, and some sweet deals on battery-powered goodies.

We’ve also got new electric buses at UCLA that are powered by inductive current in the road itself, and a massive new solar project on a site more famous for coal than clean. All this and a little bit of fact-checking on some fresh musky nonsense – enjoy!

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more at this link.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

Read more: E-quipment highlight | Palfinger FLS 25 eDRIVE truck mounted forklift.

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Dodge Charger EV is even cheaper to finance than the gas model with 0% APR [Update]

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Dodge Charger EV is even cheaper to finance than the gas model with 0% APR [Update]

The world’s first electric muscle car is finally here, and Dodge is already sweetening the deal for buyers. The Dodge Charger Daytona EV is launching with 0% APR, making it even cheaper to finance than the outgoing gas-powered model. Lease prices for the electric Charger start as low as $549 per month, but the Hellcat-like Scat Pack model may be an even better deal.

Dodge Charger EV launches with 0% APR offer

The first all-electric Dodge Charger has arrived, and surprisingly, it’s already becoming more affordable. In March, Dodge unveiled the Charger Daytona EV, kicking off “the next generation of Dodge muscle.”

According to Dodge brand CEO Tim Kuniskis, the electric Charger “delivers Hellcat Redeye levels of performance.” That’s for the Scat Pack model, which comes with a Direct Connection Stage 2 upgrade kit straight from the factory.

The upgrade delivers up to 670 hp and 627 lb-ft of torque for a 0 to 60 mph sprint in just 3.3 seconds. It can also cover a quarter mile in around 11.5 seconds.

In comparison, the 807 hp Dodge Charger SRT Redeye Jailbreak edition, powered by a Supercharged 6.2L HEMI SRT V8 engine, takes 3.6 seconds to get from 0 to 60 mph.

Dodge-Charger-EV-APR
2024 Dodge Charger Daytona EV Scat Pack (Source: Stellantis)

With a Stage 1 upgrade, the base R/T trim has up to 456 hp and 404 lb-ft of torque, good for a 0 to 60 mph time in 4.7 seconds.

Dodge opened orders for the 2024 Charger Daytona EV in September, starting at $59,995. The High-performance Scat Pack trim starts at $73,190.

Dodge-Charger-EV-APR
2024 Dodge Charger Daytona EV Scat Pack (Source: Stellantis)

According to a new dealer note viewed by online auto research firm CarsDirect, all 2024 Dodge Charger Daytona EV models are now eligible for 0% APR financing for up to 72 months.

2024 Dodge Charger Daytona EV trim Horsepower 0 to 60 mph time Starting price
Dodge Charger Daytona R/T 496 hp 4.7 seconds $59,995
Dodge Charger Daytona Scat Pack 670 hp 3.3 seconds $73,190
2024 Dodge Charger Daytona prices and specs (excluding a $1,995 destination fee)

The offer makes the electric Dodge charger even cheaper to finance than the outgoing 2023 Dodge Charger at 5.9% APR for the same 72 months. However, this is an individual offer and cannot be combined with other deals. Based on CarsDirect analysis, the 0% APR offer is limited to the Northeast, Southern, and Central US regions.

Dodge is also offering a $1,000 loyalty bonus for Stellantis (Jeep, Dodge, Ram, Chrysler) lessees that trade in for the electric Charger.

Dodge-Charger-EV-interior
The interior of the 2024 Dodge Charger Daytona EV (Source: Stellantis)

Update 11/26/24: The 2024 Dodge Charger Daytona EV launches with lease prices starting at $549 for 36 months. With $4,999 due at signing, the effective rate is $688 per month (10,000 miles per year).

Although it may not seem cheap, it’s a pretty good deal for a $60,000 electric muscle car. According to CarsDirect analysis, the outgoing Challenger R/T has an effective cost of at least $853 per month. And that’s with an MSRP of just $43,235. The EV model is nearly $20,000 more on paper but significantly less to lease than the aging 2023 model.

Dodge-Charger-EV-lease-prices
2024 Dodge Charger Daytona EV Scat Pack (Source: Stellantis)

Meanwhile, the Scat Pack model may be an even better deal. With a lease money factor as low as 0.00006 on a 24-month lease, the Scat Pack trim is surprisingly lower than the lease rate of 0.00027 for the base R/T model.

It also has a higher residual value. On a 24-month lease, the Scat Pack trim has a 59% residual compared to the R/T’s 54%. With both trims eligible for a $7,500 lease incentive, the high-performance model could be an even better deal.

With the $7,500 EV tax credit incentive, eligible customers can save up to $8,500 on the 2024 Dodge Charger Daytona EV. You may want to act fast, as these deals expire on December 2, 2024.

Jeep, another Stellantis brand, launched lease prices at just $599 per month for its first luxury electric SUV last week, the Wagoneer S. Jeep’s electric Wagoneer is also available with 0% financing.

Ready to check out the world’s first electric muscle car for yourself? We can help you get started today. You use our link to find deals on 2024 Dodge Charger Daytona models at a dealer near you.

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Renewables powered 24% of US electricity in first 3 quarters of 2024

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Renewables powered 24% of US electricity in first 3 quarters of 2024

During the first three quarters of 2024, renewables increased their output by almost 9% year-over-year, and solar is still leading the charge, reports the US Energy Information Administration (EIA).

Solar’s massive growth

According to the EIA’s “Electric Power Monthly” report, which includes data through September 2024, solar power generation (including both utility-scale and rooftop installations) shot up by 25.9% compared to the first nine months of 2023.

Utility-scale solar grew even faster – up 30.1% – while small-scale solar (mostly rooftop) increased by 16.2%. Combined, solar contributed more than 7% of the total electricity generated in the US so far this year.

Zooming in on September, utility-scale solar generation grew by a whopping 29% compared to September 2023, and rooftop solar climbed by 14.2%. Combined, solar generated 7.5% of the nation’s electricity that month.

Small-scale solar made up nearly 30% of all solar generation from January to September and provided 2% of the country’s electricity. Interestingly, small-scale solar is now producing almost double the electricity of utility-scale biomass, and over five times that of either geothermal or petroleum-based power.

Wind and renewables mix

Wind power also saw strong growth so far this year. From January to September, wind output was up 6.6% compared to last year. Wind still holds the top spot among renewables, making up 9.9% of US electricity generation in the first nine months of 2024.

The combined contribution of wind and solar provided 17% of the US’s electricity for the first three-quarters of 2024. Altogether, renewables – including wind, solar, hydropower, biomass, and geothermal – supplied 24% of US electricity in that period, compared to 22.8% during the same time last year.

The numbers show that renewables are growing much faster than traditional energy sources. For example, in the first nine months of 2024, renewables grew by 8.6%, which is more than double the growth rate of natural gas (4.1%) and almost seven times that of nuclear (1.3%). Even in September alone, renewable power generation was up 7.9% compared to September 2023, making up 21.3% of total electricity generation that month.

From January to September, wind generated 76.4% more electricity than hydropower, and solar surpassed hydropower by 27.2%. In September alone, wind and solar produced 73.5% and 65.9% more electricity, respectively, than hydropower, due to drought conditions, particularly in the Pacific Northwest.

For the first nine months of 2024, wind and solar together produced 14.5% more electricity than coal and came close to catching up with nuclear power’s share of electricity generation (17% compared to nuclear’s 17.6%). This growth has solidified renewables’ place as the second-largest source of electricity generation in the US, behind natural gas.

Ken Bossong, executive director of the SUN DAY Campaign, which reviewed the EIA’s data, put it simply: “Renewable energy sources now account for a quarter of the nation’s electricity. Any attempt by the incoming Trump Administration to undermine renewables would have serious negative impacts on both the country’s electricity supply and the economy.”

Read more: US solar and wind growth defies expectations – a decade in numbers


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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