Electrified Models Make Up over 25% of Volvo Sales11/08/2021
Earlier this year Volvo revealed plans for half of its global vehicle sales to be represented by battery-electric by the middle of the decade, ahead of its full lineup being EV-only by 2030. The ambitious plans, backed up by a recent IPO offering in its home country, will see a slew of new EVs introduced in the coming years, in the run-up to the end of the decade that will see gas-engined vehicles and hybrids take a final bow.
Where does Volvo stand more than three-quarters of the way to 2022?
The automaker revealed days ago that the share of cars sold with electric or plug-in hybrid powertrains through the first 10 months of the year amounted to 25.5%, with sales of such vehicles in October alone adding up to 31.5%.
Of course, electrified does not mean electric, as Volvo is just now launching its second battery-electric model with the debut of the C40 Recharge, to keep the XC40 Recharge company. So plug-in hybrids still make up the bulk of that 25.5% share, with pure-electrics making up 3.1% of overall sales.
Needless to say, this figure is expected to increase as C40 Recharge sales get rolling, with the month of October already seeing a 5.6% share of battery-electric models. Therefore, the pace of EV sales for Volvo has grown pretty quick for a lineup with two electric models, not counting Polestar models.
One aspect of Volvo sales that may not be truly appreciated by this point is the role that China now plays. While Volvo sales in the US amounted to 104,066 vehicles for the first 10 months of the year, during the same period Volvo sales in China saw a figure of 143,616. It’s certainly not lost on industry observers that Volvo plays an important role in parent company Geely’s lineup, sharing platforms with sibling brands Polestar and Lynk & Co., with demand for electric vehicles in the country expected to continue growing. Europe remains Volvo’s biggest market, with sales adding up to 242,495 cars in the first 10 months of the year.
Demand for electric and PHEV Volvos is growing stateside as well, with Volvo noting that Recharge models represented 24.1% of US sales in the month of October.
Does this rate of growth get the automaker to battery-electric models accounting for 25% of sales by 2025?
That will depend on Volvo sticking to its schedule of rolling out additional EVs in the next three years, with the the next-gen XC90 expected to debut in battery-electric and hybrid flavors in the coming months.
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