Volvo marks 17 straight months of growth as EV sales lead the way in January

Volvo Cars is starting 2024 with its 17th straight month of growth. Volvo’s all-electric model lead the growth, with global EV sales up 17% in January.

Volvo EV sales lead January growth

Volvo sold a total of 53,402 vehicles last month, up 10%, marking its 17th straight month of growth. Although Volvo’s Recharge model sales (EV and PHEV) fell 3% to 19,171, fully electric vehicles continued to see higher demand.

The growth was propelled by its EV sales, which were up 17%, with 9,226 electric Volvo models handed over last month.

Volvo sold 7,471 electric cars in Europe, up 40%, while EV sales in China (-50%) and the US (-66%) slipped in January.

PHEV sales fell 15% YOY in Europe to 7,471, but Volvo saw a 1% increase in the US to 1,615. Altogether, Volvo’s Recharge models accounted for 36% of all cars sold globally in January, while EVs had 17% of the share.

Volvo expects sales of its all-electric vehicles to carry the momentum in 2024. With its smallest and cheapest EV, the EX30 (see our review), starting at $34,950 in the US and €36,590 in Europe, rolling out, Volvo expects “tremendous growth” this year.

It’s also launching its first electric three-row SUV, the EX90. It will compete with the Rivian R1S, Kia EV9, and Mercedes EQS, starting at $76,695 in the US.

In China, Volvo’s second-largest market, it’s launching its first electric minivan, the EM90. Volvo’s EM90 features 450 miles CLTC range and a “Scandinavian living room.”

Volvo is committed to an all-electric lineup by 2030. By 2025, Volvo aims for a 50% EV sales share, or around 600,000 units sold. Volvo CEO Jim Rowan believes the automaker is “on course” to hit its targets.