Volvo Electric Car Sales Grew 54% in 2024 Globally – CleanTechnica

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Volvo Cars has released its 2024 sales figures globally, and also by region. A nice thing is the company provides a detailed breakdown of fully electric vehicle sales and plugin hybrid sales, including by region. So, let’s dive into those. I’m also adding some figures of my own — the share of sales that are fully electric and plugin hybrids in each of the covered regions, including a chart on this at the end of the article.

Volvo Cars EV Sales Globally

Globally, fully electric vehicle sales were up 54% in 2024 versus 2023. Plugin hybrid sales were up 16% year over year. Both growth figures were up considerably more than Volvo Cars’ overall sales growth, +8%.

Fully electric vehicles increased from 113,419 in 2023 to 175,194 in 2024. Plugin hybrid sales increased from 152,561 in 2023 to 177,593 in 2024. So, plugin hybrids are still slightly higher sellers than fully electrics for Volvo Cars, but there’s a strong trend toward BEVs.

In December 2024, full electrics accounted for 19% of the company’s sales, while plugin hybrids accounted for 27%. So, 46% of the company’s sales last year had a plug!

Across 2024, full electrics accounted for 23% of the company’s sales, while plugin hybrids accounted for 23% as well. So, again, 46% of the company’s sales last year had a plug!

Volvo Cars EV Sales in USA

In the US, the story was very different. Fully electric vehicle sales were down 59%, while plugin hybrid sales were up 69%. These wildly different results are in the context of overall Volvo Cars sales dropping 3% in 2024.

Full electrics scored 13,609 sales in 2023 in the US, but dropped to 5,608 sales in 2024. Plugin hybrids, meanwhile, had 22,048 sales in 2023 and grew to 37,294 sales in 2024.

Across 2024, full electrics (BEVs) accounted for just 4.5% of the company’s US sales, while plugin hybrids accounted for 29.8% of sales.

Volvo Cars EV Sales in China

In the biggest EV market in the world (and Volvo Cars’ true home market now), fully electric vehicle sales rose 33% year over year. However, plugin hybrids were down by 5%. This is all in the context of the company’s sales dropping 8% year over year in China.

Full electrics went from 3,281 sales in 2023 to 4,349 sales in 2024, while plugin hybrids went from 12,075 sales to 11,417 sales.

Across 2024, full electrics accounted for just 2.8% of Volvo Cars sales in China, while plugin hybrids accounted for 7.3% of sales.

Volvo Cars EV Sales in Europe

In Volvo Cars’ traditional home, and by far its biggest market, its BEV sales grew by a whopping 76% in 2024, while PHEV sales grew by 11%. This is in the context of its overall sales growing 25% in 2024 versus 2023.

In volume terms, full electrics went from 75,476 sales to 133,070 sales, and plugin hybrids went from 97,099 sales to 107,355 sales.

Across 2024, 36% of Volvo’s European sales were full electrics, and 29% of its sales were plugin hybrids. Together, 65% of Volvo’s European sales had a plug!

Volvo Cars EV Sales Elsewhere

Beyond the USA, China, and Europe, fully electric vehicle sales grew by 53% in 2024 and plugin hybrids grew by 1%. Overall, the brand’s sales declined by 3%.

In volume terms, fully electric vehicle sales went from 21,053 units in 2023 to 32,167 units in 2024. Plugin hybrids had a very similar started point, 21,339 sales, but only rose to 21,527 sales.

Across 2024, 29% of Volvo’s sales in these other markets were fully electric and 19% were plugin hybrids.

Looking at all of the numbers together, it’s clear Europe is carrying the company forward the most when it comes to plugin vehicles. The EV share of the brand’s sales in Europe are at a very high level, much higher than in other markets.

Overall, Volvo Cars is leading the way among legacy auto brands when it comes to electrifying its fleet. Congratulations to Volvo Cars, and thank you.