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Volvo reached its highest-ever share of electrified vehicles as its new fully electric EX30 boosted EV sales in February. Although overall sales slid 2% last month, Volvo’s fully electric vehicle sales were up 14%, reaching a new record share.

Volvo EX30 lifts EV sales to record February share

After launching its smallest and cheapest EV, the EX30, in December, Volvo is already seeing big results.

Volvo hit a new record with 22,266 electrified vehicles (including PHEVs) sold last month, accounting for 44% of total sales. Fully electric cars also set a new record. Volvo’s EV sales share reached 22%, with nearly 11,000 EVs handed over, up 14% YOY.

The main driver last month was its new EX30, according to Volvo. Volvo sold 5,863 EX30 models through the first two months of 2024 as demand for affordable EVs heats up.

The EX30 is already rolling out in Europe, Japan, and Brazil. Volvo says its low-cost EV will hit new markets in the coming weeks.

After a record 2023 with over 113,000 EVs sold (+70% YOY), CEO Jim Rowan sees “tremendous growth” this year. He boasted about the automaker’s pricing power, with the EX30 starting at $34,950 in the US and €36,590 in Europe.

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

When asked about the reported “slowdown” in the EV market, Rowan responded, “We are not seeing any order cancellations or any slowdown in order intake.”

Volvo’s overall sales slipped 2% to just over 50,000 due to the timing of the Lunar New Year in China. Europe was Volvo’s biggest market, with 8,799 EVs sold, up 31% YOY. The US and China both saw EV sales fall as Volvo works to launch new models in the regions.

The EX30 is expected to launch in the US by this summer. It will be available in a single-motor extended range and twin-motor performance version.

The extended-range model will feature up to 275 miles driving range. Meanwhile, the performance includes up to 265 miles range but packs 422 hp and 400 lb-ft of torque for a 3.4s 0 to 60 mph sprint. It will start at under $35,000 as one of the most affordable EVs on the market.

Electrek’s Take

Although EV sales fell in the US and China, Volvo plans to boost sales in some of its most critical markets.

Volvo expects the entry-level EX30 to be one of its best sellers in the coming years. The Swedish automaker is also launching its first three-row electric SUV, the EX90.

The Volvo EX90 will start at $76,695 in the US to rival Rivian’s R1S, which became the seventh best-selling EV in the US last year.

Meanwhile, Volvo’s first electric minivan, the EM90, will begin rolling out in China. Volvo expects new EVs to turn sales around quickly in the US and China.

The new EVs will help Volvo as it works toward becoming an all-electric automaker by 2030. Rowan believes the company is on course to hit its target.

Volvo recently rebranded its fully electric XC40 and C40 Recharge as the EX40 and EC40 with new upgrades as its streamlines its portfolio for an all-electric future.

If you’ve been eyeing Volvo’s electric vehicles, we can help you get started shopping today. You can use our links below to find great deals on Volvo’s electric cars at a dealer near you.

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

Read more: California now has nearly 50% more EV chargers than gas nozzles


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Two charged in $650 million global crypto scam that promised 300% returns

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

Read more CNBC tech news

In reality, authorities allege, OmegaPro was a pyramid-style fraud.

When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.

The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.

The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.

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Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

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Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

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.

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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.


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