Volvo Cars Reports Modest 1% Sales Growth in September Amid Market Volatility

Volvo Cars reported global sales of 62,458 vehicles in September, marking a modest 1% increase compared to the same month last year.

The company experienced a significant rise in sales of its electrified models, which encompass fully electric and plug-in hybrid vehicles, achieving a 43% year-over-year growth. These electrified models represented 48% of all Volvo cars sold in September, while fully electric vehicles accounted for 24% of total sales for the month.

From January to September, Volvo Cars sold a total of 560,922 vehicles worldwide, reflecting a 10% increase over the same period in the previous year.

“The overall market picture remains volatile and uncertain, but we are encouraged by a solid performance in Europe, particularly in our electrified car portfolio, led by the EX30,” stated Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars. The company reported strong sales, especially for its electrified models in Europe.

In September, Volvo’s sales in Europe reached 31,276 vehicles, a 23% increase from the previous year. The sales growth was largely driven by electrified models, which rose by 52% year-over-year and constituted 66% of all Volvo cars sold in the region that month.

In contrast, the U.S. market experienced a different trend, with sales declining 22% to 8,518 vehicles in September. This decline was partially attributed to public holidays affecting sales. Nonetheless, sales of plug-in hybrid models rose by 43% compared to the previous September.

In China, the company sold 12,915 vehicles, reflecting a 16% drop from the same month last year amid challenging macroeconomic conditions. However, sales of electrified models in China saw a modest increase, with 1,363 sold, which is a 7% rise compared to the same period last year.

Among individual models, the Volvo XC60 was the best-seller in September, with 18,096 units sold, though this was a decrease from the 20,243 units sold in the same month last year. The XC40/EX40 followed closely with 13,930 sales, down from 18,306 during the same period the previous year. The newly launched EX30 reported sales of 9,610 units.