Volvo EX30 remains a top-seller, but the company is still slashing its growth forecast

Volvo’s most affordable EV is already having a major impact on the brand. Despite the EX30’s success, Volvo Cars is cutting its sales growth forecast for the year.

“Our journey towards 2026 will not be linear, as our industry is facing an increasingly volatile environment,” Volvo Cars CEO Jim Rowan said on Wednesday.

Volvo topped third-quarter estimates, reporting an operating profit of nearly $550 million (SEK 5.8 billion), up 29% from the $425 million (SEK 4.5 billion) in Q3 2023.

The growth was primarily due to Volvo’s sales outpacing premium rivals. Volvo Cars sold 172,849 vehicles in Q3, up 3% from last year. Electrified models, including fully electric (EV) and plug-in hybrids (PHEVs), accounted for 48% of total sales. All-electric vehicle share reached 25%.

Volvo said it had the highest electrified share among premium automakers in Europe. The company sales in Europe are up 10% through the first nine months of 2024.

Volvo’s smallest and cheapest EV, the EX30, “remained among the best-selling EVs in Europe.” According to the latest figures from market researcher Dataforce (via Automotive News), the EX30 was the driving force behind Volvo’s sales surging 24% in Europe last month.

Volvo cuts growth outlook despite surging EX30 sales

The growth boosted Volvo from 19 in Europe to 15 overall in September. Volvo sold over 5,600 more vehicles last month than in September 2023.

Volvo sold over 9,600 EX30 models in September, making it its third best-selling vehicle behind the XC60 (18,096) and XC40/EX40 (13,930).

Despite its success in Europe, Volvo expects to see lower overall sales growth this year. Volvo anticipates sales to grow between 7% and 8% in 2024, down from the previous 12% to 15% forecast.

Volvo cited slowing sales and lower-priced rivals in the US and China for the lower guidance. The company, which is majority-owned by China’s Geely, is also preparing for new EU and US tariffs on Chinese imports.

The company confirmed plans to begin building EX30 models at its Ghent plant in Belgium in the first half of 2025.

As output ramps up, Volvo will launch the EX30 in the US later next year. Starting at $34,950, Volvo’s compact electric SUV will be among the most affordable EV options on the market.

It will be available in Single and Twin Motor Performance (AWD) powertrains. The former gets up to 275 miles range, while the latter Performance model will be Volvo’s fastest vehicle with a 0 to 60 mph sprint in 3.4 seconds. Volvo calls the EX30 a “cornerstone” of its EV strategy.

Volvo still expects to outpace premium rivals with the three-row EX90 electric SUV (see our review) also rolling out in the US and the luxury EM90 minivan in China.

The company also recently backtracked on its 100% EV sales pledge by 2030. Volvo now expects 90% to 100% of global sales to be EV or PHEV by 2030. By 2025, Volvo aims for a 50% to 60% electrified sales share.