Volvo Cars achieved remarkable sales figures in March 2024, driven largely by the increasing popularity of their fully electric and plug-in hybrid vehicle models. The company witnessed a historic high in monthly sales, with approximately 78,970 cars sold, marking a significant 25% year-on-year increase and setting a new record for global sales in any single month.
Electric Vehicle Success
The introduction of Volvo’s fully electric SUV, the EX30 model, played a pivotal role in driving sales momentum. Electrified vehicle sales surged, particularly in the US and Europe, where March sales saw a substantial increase of 33% and 34% year-on-year respectively. In Europe, electrified cars accounted for a remarkable 63% of total car sales for the month.
Strong Quarterly Performance
For the first quarter of 2024, Volvo Cars reported a total of approximately 182,687 cars sold worldwide, marking a noteworthy 12% year-on-year increase. Notably, fully electric cars constituted 23% of total car sales for March, underlining the growing preference for electric vehicles among consumers.
Market Response and Share Performance
Following the announcement of March sales figures, Volvo Cars experienced a significant surge in its share price, with shares rising by 6% and settling at SEK 290.1 (€25.25) on Thursday afternoon. This positive market response reflects investor confidence in Volvo’s performance and growth prospects.
Product Diversity and Future Outlook
Bjorn Annwall, Volvo Cars’ chief commercial officer and deputy CEO, attributed the impressive sales performance to the company’s strategic focus on product diversity, offering a range of fully electric, plug-in hybrid, and mild hybrid vehicles. Looking ahead, Volvo aims to sustain its growth trajectory and ramp up sales of its EX30 model, aiming to achieve its annual sales target of at least 15% growth.
SOURCE: Ref Image from Gadgets 360
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