Volvo Rockets to Unprecedented Sales Heights in 2023, Fueled by Growing EV Popularity

Jan 06, 2024 01:28 AM EST

RED MIDSIZE SUV CAR ON ROAD — (Photo : PEXELS/Ferencz Istvan)

In 2023, Volvo experienced an exceptional surge in sales, setting an unprecedented record with a global volume reaching 708,716 cars sold. The company's steadfast commitment to electric vehicles (EVs) proved fruitful, notably reflected in the remarkable sale of over 113,000 fully electric Volvo cars during the year.

Volvo Reaches Heights: Sales Climbs in 2023

The brand's excellent EV market position is shown by its 15% sales increase and 70% increase in completely electric car sales. Volvo has a strategic edge in the developing automotive market due to its electrified product range and secure supply chain. Volvo's regional sales growth was excellent.

Europe witnessed a 19 percent increase in sales, totaling 294,794 cars sold, while China experienced a 5 percent growth with 170,091 cars sold. Additionally, Volvo sold 128,701 cars in the US, up 26%, showing its expanding appeal in key regions. Reports revealed this development.

Volvo sold a record 113,419 electric vehicles worldwide in 2023. The 70% rise in EV sales over the previous year shows rising demand for electric vehicles. Electrek website provided details about this groundbreaking event for Volvo.

Demand for Volvo EVs

Volvo saw a 16% drop in electric vehicle sales in December compared to 2022. This slowdown extended across major markets, with the US, Europe, and China witnessing reductions in EV sales by 39%, 16%, and 69% respectively. Electrek reported details about this latest news from Volvo Cars.

However, Volvo anticipates a swift reversal of this trend, banking on the introduction of new models into the market. The EX30, priced at $35,000, is scheduled for a mid-2024 release in the US.

Additionally, the EX90, Volvo's inaugural three-row electric SUV flagship, will hit the market early this year with a starting price of $76,695, positioned to compete against models like Rivian's R1S, Kia EV9, and Mercedes EQS.

The latest developments at Volvo Cars showcase both triumphs and challenges in the ever-evolving landscape of electric vehicle sales. While experiencing recent growth, Volvo faced a this notable slowdown in December, setting the stage for upcoming releases and strategies to navigate the competitive electric vehicle market.

New Volvos: 2023 S90 Recharge

Volvo is recommitting to its exquisite plug-in hybrid sedan with the 2023 S90 Recharge, despite a luxury mid-size sedan market trend toward SUVs and crossovers, CarBuzz said.

Volvo is committed to its sedan lineup with this updated model's new features, restructured lineup, and powerful extended-range powertrain.

The Volvo S90 Recharge has a luxury cabin with high-end materials and features. In the rear seating area, occupants enjoy generous space, along with individual climate-control zones and heated seats for added comfort.

The Volvo S90 Recharge boasts an array of lavish features including keyless entry, heated steering wheel and seats, four-zone climate control, and a cloud-connected infotainment system with Google Services.

In terms of performance, it offers a combined 66 MPGe, with 30 mpg on gasoline power and an impressive 38-mile range solely on battery power. Additionally, its maximum combined range spans 520 miles.

The starting cost for the 2023 Volvo S90 Recharge Ultimate stands at $70,500, reflecting the manufacturer's suggested retail price (MSRP), exclusive of Volvo's destination charge, an additional fee amounting to $1,095.