Volvo marks 17 straight months of growth as EV sales lead the way in January

Volvo Cars is starting 2024 with its 17th straight month of growth. Volvo’s all-electric model lead the growth, with global EV sales up 17% in January.

Volvo EV sales lead January growth

Volvo sold a total of 53,402 vehicles last month, up 10%, marking its 17th straight month of growth. Although Volvo’s Recharge model sales (EV and PHEV) fell 3% to 19,171, fully electric vehicles continued to see higher demand.

The growth was propelled by its EV sales, which were up 17%, with 9,226 electric Volvo models handed over last month.

Volvo sold 7,471 electric cars in Europe, up 40%, while EV sales in China (-50%) and the US (-66%) slipped in January.

PHEV sales fell 15% YOY in Europe to 7,471, but Volvo saw a 1% increase in the US to 1,615. Altogether, Volvo’s Recharge models accounted for 36% of all cars sold globally in January, while EVs had 17% of the share.

Volvo expects sales of its all-electric vehicles to carry the momentum in 2024. With its smallest and cheapest EV, the EX30 (see our review), starting at $34,950 in the US and €36,590 in Europe, rolling out, Volvo expects “tremendous growth” this year.

It’s also launching its first electric three-row SUV, the EX90. It will compete with the Rivian R1S, Kia EV9, and Mercedes EQS, starting at $76,695 in the US.

In China, Volvo’s second-largest market, it’s launching its first electric minivan, the EM90. Volvo’s EM90 features 450 miles CLTC range and a “Scandinavian living room.”

Volvo is committed to an all-electric lineup by 2030. By 2025, Volvo aims for a 50% EV sales share, or around 600,000 units sold. Volvo CEO Jim Rowan believes the automaker is “on course” to hit its targets.

Electrek’s Take

As one of the first legacy automakers to commit to going all-electric, Volvo continues to see the results.

Volvo calls the EX30 a “cornerstone” to its EV plans, expecting it to become one of its “best sellers in the coming years.”

After a record sales year in 2023, with 113,419 EVs sold, Volvo expects to keep the momentum rolling in 2024 with attractive EVs in key segments.