Volvo Soars In 2024, Electrification Cars Drive Sales Growth

Volvo XC60. (Doc. Volvo Cars)

JAKARTA - Volvo Cars managed to close the end of 2024 by obtaining annual sales of 763,289 units, an increase of 8 percent compared to the previous year.

Launching from Volvo's official website, Thursday, January 9, the Swedish manufacturer also achieved positive results in the electric vehicle segment (EV) of up to 175,194 units, an increase of 54 percent compared to the previous one.

This was followed by plug-in hybrid (PHEV) which amounted to 177,593 units, an increase of 16 percent compared to 2023. Thus, electrification cars consisting of EVs and PHEVs contributed up to 46 percent.

Meanwhile, total electric car sales account for 23 percent of all Volvo cars sold in 2024, in contrast to 2023 which contributed 16 percent. Europe is still the largest market for Volvo by contributing sales of up to 369,685 units by 2024, an increase of 25 percent compared to 2023.

The electrification cars consist of EVs and PHEVs accounted for 65 percent in the European market during 2024.

Meanwhile, another largest Volvo market in China saw an 8 percent drop compared to 2023 with sales of 156,370 units during 2024.

Overall, sales of electric models grew 3 percent during the January to December period.

Then, another largest market explored by Volvo Cars in the United States (US) contributed sales of up to 125,243 units, down 3 percent compared to a full calendar in 2023.

In Uncle Sam's country, the selling electrification model increased by 20 percent and accounted for 34 percent of the country's total during 2024.

Volvo's best-selling model during 2024 fell to XC60 totaling 230,853 units, followed by XC40/EX40 with 173,890 units, and XC90 with 108,621 units.