Volvo Cars' global sales up 13 per cent in May

Volvo Cars reports global sales of 68,034 cars in May, up 13 per cent compared to the same period last year. The sales increase was primarily driven by a strong performance in Europe as well as the company's fully electric small SUV, the EX30.

The company's sales of electrified models, fully electric and plug-in hybrid models, grew 37 per cent compared to the same period last year and accounted for 48 per cent of all cars sold during May. The share of fully electric cars constituted 25 per cent of all cars sold for the month.

The total sales for the period of January through May amounted to 316,559 cars globally, an increase of 15 per cent compared to the same period 2023. 

"This month's sales figures are another measure of our progress towards our sales target of at least 15 per cent growth for 2024," said Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars. "I am delighted to see another month of solid growth, which is a testament to the strength of our brand. It's also reassuring to see the positive consumer response to the EX30, which has quickly become one of the best-selling fully electric cars in Europe.”

In Europe, sales reached 33,252 cars in May, up 27 per cent compared to the same period last year. The sales of Volvo Cars' electrified models increased by 34 per cent compared to the same period last year, and the share of electrified models accounted for 66 per cent of all cars sold in Europe during May.

Sales in the US saw a 5 per cent decrease in May, totalling 10,153 cars. However, the sales of plug-in hybrid models went up 113 per cent compared to the same period last year.

Volvo Cars' sales in China reached 13,934 cars, down 1 per cent compared to May 2023. Sales of electrified models – fully electric and plug-in hybrid models - stood at 1,303 sold cars, an increase of 10 per cent compared to the same period last year.

In May, the Volvo XC60 was the top-selling model with sales of 20,507 cars (2023: 18,052), followed by the XC40, with total sales of 13,640 cars (2023: 17,596) and the EX30 at 11,035 cars (2023: 0).