Volvo hit a new global sales record in 2023 with strong demand for EVs

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.

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 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.

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.

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,