In the first month of 2024, Volvo's all-electric car sales have seen a strange decline.
Volvo Cars America reported 7,716 vehicles sold in the U.S. in January, essentially unchanged from the same period last year (up 0.3% year-on-year). However, in terms of plug-in electric vehicle sales, the results have decreased compared to January 2023.
In January, Volvo plug-in electric vehicle sales were 1,875 units, down 21% year-on-year. The market share is still relatively high at 24.3%, although the result is a bit worrying as it is lower than January 2023 and January 2022.
The main reason for the decline in sales was that only 260 BEVs were sold (down 66% year-on-year). Plug-in hybrid vehicle sales were relatively stable at 1,615 units (up 1% year-on-year).
For reference, in 2023, Volvo sold more than 35,000 plug-in electric vehicles in the U.S. (up 28% year-over-year), accounting for almost 28% of total sales.
By 2024, Volvo has the opportunity to significantly increase sales of all-electric vehicles. However, this depends on the supply of Volvo XC40, C40, EX90 and EX30 models that will be added.