Volvo Car USA and Canada reported a total of 10,517 vehicle sales, marking a decrease of 15.5 percent from the previous year. However, sales of electrified vehicles, including fully electric and plug-in hybrid models, enjoyed rise of 17.8 percent over October 2023. This easily beats September’s year-over-year of 11.9 percent. So the rate of sales of electrified Volvos is back on the upswing. That’s good news and signals a bit of a renaissance for Volvo’s electric ambitions after a brutal 2023.
These electrified models represented 40.3 percent of Volvo’s sales for the month. For the year up to October, sales of electrified cars increased by 16.2 percent compared to the same period in 2023, capturing a 34.6 percent market share of Volvo’s total sales.
The XC60 saw the most sales, followed by the XC90, which was followed by the XC40. Notice all these are gasoline (or hybrid) SUVs, so Volvo is still very dependent on gasoline-powered vehicle sales, at least in North America.
Volvo’s Quarterly Earnings Report
Meanwhile, Volvo Cars reported a week ago that it exceeded third-quarter operating profit forecasts on Wednesday; however, the company revised its full-year sales growth projections downward amid a broader industry slowdown affecting luxury car segments.
The demand for electric vehicles has declined over the past year due to several factors including the scarcity of budget-friendly options and the sluggish expansion of charging infrastructure. To address the fiasco that is the non-Tesla charging network in the US, Volvo has begun to include an adapter with its full-EV EX90 that allows owners to charge at Tesla chargers. Additionally, the competitive landscape has intensified with the introduction of more affordable Chinese electric vehicle models. European tariffs on Chinese-made EVs are also anticipated to impact the market, putting further strain on automakers.
Volvo’s October sales Press Release
MAHWAH, NJ (Nov. 4, 2024) – Volvo Car USA and Canada sold 10,517 cars in October, down 15.5 percent over the same period last year. Sales of electrified models — those with a fully electric or plug-in hybrid powertrain — increased 17.8 percent compared with the same month last year and accounted for 40.3 percent of sales during the month. Year to date, sales of electrified models are up 16.2 percent versus the first ten months of 2023, and accounted for a 34.6 percent share of sales.
Sales in the US reached 9,360 in the month of October, down 17 percent over the same period last year. Sales of electrified models increased 17.5 percent over the same period last year and accounted for 38.2 percent of total sales.
Sales in Canada reached 1,157 cars in October, up 0.6 percent over the same period last year, with electrified models increasing 19.1percent compared to the same period last year, representing 57 percent of total sales for the month.
In the US, the XC60 compact luxury SUV was the top selling model with 3,156 cars sold during October, followed by the XC90 midsize luxury SUV (2,948 cars) and the XC40 small luxury SUV (2,144 cars).
“As we continue our electrification journey, we are providing luxury car shoppers a variety of vehicles to suit their lifestyles,” said Mike Cottone, President, Volvo Car USA and Canada. “Whether it’s a sporty, fully electric EX40, the best-selling XC60 or a seven-passenger XC90 plug-in hybrid, there’s an electrified Volvo for everyone.”
