Swedish-based automotive giant Volvo, under Chinese ownership, has set a new milestone by surpassing its October 2022 sales figures, marking its 14th consecutive month of growth. The company reported a remarkable surge in global sales, reaching 59,861 units last month, reflecting a substantial 10 percent increase compared to the same period last year. Volvo’s diverse lineup, including gasoline, diesel, and battery-powered models, contributed to this impressive growth, with a special focus on electric vehicles (EVs).
Notably, Volvo experienced a significant boost in the sales of battery electric vehicles (BEVs), witnessing a substantial 29 percent increase in October. A total of 10,489 fully electric cars were sold worldwide during this period. In contrast, plug-in hybrid vehicles faced a minor setback, with an 8 percent decrease, accounting for 10,864 units sold last month.
In the United States, Volvo made substantial strides in the electric vehicle market. The company sold 1,240 fully electric Volvos in October, marking a commendable 6 percent increase compared to the same month last year. However, plug-in hybrids outperformed electric cars in the U.S., with 1,801 units sold during the same period.
Europe emerged as Volvo’s largest market, regardless of the power source. The company sold 7,009 electric vehicles and 6,654 plug-in hybrids in the region last month. Overall, Volvo’s total sales in Europe amounted to 24,892 units, showcasing the region’s strong affinity for the brand and its diverse range of vehicles.
In China, the company secured the second spot in terms of sales, with a total of 15,041 cars sold in October. However, the country lagged behind in electrified units, with 237 EVs and 929 plug-in hybrids sold. Meanwhile, the United States stood as Volvo’s third-largest market, with a total of 11,296 sales, indicating the brand’s growing presence in the American automotive landscape.
Volvo’s success in October 2023 underscores the increasing demand for electric vehicles worldwide. With a robust lineup that caters to various preferences, Volvo continues to pave the way for sustainable and innovative transportation solutions, solidifying its position as a leader in the global automotive industry. Read More
