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Volvo sees record sales in March boosted by electric SUV sales

This Feb. 6, 2020, file photo shows the Volvo logo in the lobby of the Volvo corporate headquarters in Brussels.
This Feb. 6, 2020, file photo shows the Volvo logo in the lobby of the Volvo corporate headquarters in Brussels. Copyright Virginia Mayo/Copyright 2020 The AP. All rights reserved
Copyright Virginia Mayo/Copyright 2020 The AP. All rights reserved
By Indrabati Lahiri
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Volvo Cars saw robust sales in March 2024, boosted by the growing popularity of their fully electric and plug-in hybrid models.

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Volvo saw a record number of car sales in March, hitting approximately 78,970 cars, which was an advance of 25% year-on-year, as well as an all-time record for worldwide sales in any particular month. This was mostly supported by the introduction of its entirely electric SUV, the EX30 model.

The company saw particularly robust sales in the US and Europe, with European sales in March increasing 33% year-on-year, touching 39,756 cars. Electrified car sales in Europe also saw a boost of about 34%, totaling about 24,856 cars. In March, electrified car sales made up about 63% of total European car sales.

Coming to total sales for Q1 2024, Volvo Cars saw about 182,687 cars being sold worldwide, which was an increase of 12% year-on-year. In March, fully electric cars made up 23% of total car sales.

Volvo Cars’ shares shot up 6% on the back of the March sales announcement, settling down at SEK 290.1 (€25.25) on Thursday afternoon.

The Swedish company, majority-owned by Chinese automobile group Geely, has an impressive array of fully electric and plug-in hybrid options. In March, Volvo Cars saw its electrified vehicles growing by around 24% year-on-year, with sales clocking in at 33,558 cars. This was 42% of worldwide car sales.

In the US, the company saw sales of about 15,315 cars, which was a boost of about 50% year-on-year. Electrified car sales advanced by 25% year-on-year, and made up about 24% of all US car sales.

Coming to China, sales clocked in at 14,005 cars, growing 21% year-on-year. However, electrified car sales struggled a little. In March 1,039 electrified cars were sold in the country, which was a fall of about 28% year-on-year.

The Volvo XC60 model continued to be the best-selling Volvo model in March 2024, seeing sales of about 22,402 units, which was a huge step up from the 18,090 cars sold in March 2023. The next best-selling model was the XC40 one, with about 20,557 cars sold, more or less the same as the 20,556 units sold in March 2023.

This was followed by the XC90 model, which sold 10,826 cars in March 2024, up from 9,828 cars in March 2023.

Volvo Cars’ chief commercial officer and deputy CEO, Bjorn Annwall said, “These numbers reflect the strength of our strategy and product diversity- offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix.

“We are making good progress towards our annual sales target of at least 15% growth and in the months ahead, we will focus on ramping-up sales of our EX30.”

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