Volvo global sales decline 5% in January despite strong EV growth

Volvo reported global sales of 50,820 cars in January 2024, marking a 5% decline compared to the same period last year. The Swedish carmaker attributed the drop primarily to the timing of the Chinese New Year. However, sales of electrified models, including fully electric and plug-in hybrid vehicles, saw a notable 17% increase, now accounting for 44% of all Volvo cars sold during the month.

The rising demand for EVs contributed to Volvo’s electrified lineup growth, with fully electric vehicles making up 19% of total sales. In contrast, sales of petrol and mild hybrid models declined by 17% during the period.

Best-Selling Volvo Models in January 2024

The Volvo XC60 remained the brand’s best-selling model, with 18,972 units sold (2023: 18,011). The XC40/EX40 followed with 8,736 units (2023: 12,628), while the XC90 secured third place with 7,473 units (2023: 8,167).

Volvo’s India Line-Up and Future Plans

In India, Volvo currently offers the XC90, XC60, S90, EX40, and C40 Recharge. The company has confirmed the upcoming launch of the EX90 EV flagship alongside its entry-level EX30. Presently, Volvo India’s electric portfolio includes the EX40 Recharge and the C40 Recharge, catering to the growing demand for luxury EVs in the country.

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