Volvo Reaches 44% Plugin Vehicles

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Full battery-powered electrical automobiles (BEVs) accounted for just 7.2% of the US auto market last year, in comparison with 16% in Europe, an excellent higher 25% in China, and 11% globally. Simply statistically talking, the US will not be pulling the EV market ahead. So, typically, if a automobile firm isn’t making a powerful change to electrical automobiles within the US, it’s laborious to note how a lot the corporate is doing overseas or globally to impress. Working example: Stellantis. Working example #2: Volvo Vehicles.

Just about 1% of Volvo’s car sales within the US had been full electrics in 2023. The determine was even worse, 0.2%, within the 4th quarter of 2023. It was a lot better final month, however nonetheless simply 4.5%, and it was 4.0% in January–February within the US. Nevertheless, globally, in February, that determine shot as much as a record-high 21.7% — 21.7% of Volvo Vehicles international gross sales had been 100% electrical final month. Trying extra broadly, 44% of Volvo Vehicles international gross sales had been plugin car gross sales final month. For those who have a look at January–February, 19.4% of Volvo Vehicles gross sales had been absolutely electrical and 40% had been plugin automobiles. (For those who embody plugin hybrids, Volvo Vehicles does look a lot better within the US than in the event you simply have a look at full electrics. Plugins had 32.5% share in February and 28.4% in January–February within the USA.)

These figures are largely due to robust EV gross sales in Europe. Gross sales in China had been really down 12 months over 12 months attributable to when the Lunar New Yr landed in 2024 in comparison with 2023. “Gross sales in Europe remained robust and grew 26 per cent in comparison with February 2023, reaching 26,773 vehicles. Gross sales of vehicles with a completely electrical or plug-in hybrid powertrain elevated with 18 per cent, whereas gross sales of absolutely electrical vehicles elevated by 31 per cent, in comparison with February final 12 months,” Volvo Cars writes. “In China, gross sales reached 7,911 vehicles, a lower of 39 per cent in comparison with February 2023. The rationale for the decline was because of the timing of the Lunar New Yr, which primarily befell in the course of the month of February.”

Full electrical automobiles accounted for 33% of Volvo Vehicles gross sales in Europe final month, whereas plugin automobiles as a complete accounted for 60% of the corporate’s gross sales.

In China, the biggest electrical automobile market by far, Volvo struggled way more on the electrical entrance. Full electrics accounted for simply 1.7% of Volvo Vehicles gross sales, and plugin automobiles total accounted for five.2%. (These are US-type percentages!)

Right here’s a full desk taking a look at Volvo’s gross sales numbers and traits 12 months over 12 months in February and January–February, damaged out by area and globally:

There’s plenty of room for enchancment, however Volvo is clearly already one of many auto business leaders for its transition to EVs — and that’s even evident in what the auto group chooses to report!