Volvo's U.S. Car Sales Growth Was Mainly Driven By PHEVs In April 2024

Volvo XC40 Recharge

Buyers are probably waiting for the next generation of Volvo EVs: the EX30 and EX90.

Volvo Cars USA reported 10,604 U.S. sales in April, up 10% year-over-year. Year-to-date, sales are up 15%, with 41,555 units sold. Volvo’s plug-in car sales increased last month too, reaching 3,334 units—13% more than a year ago. That’s about 31.4% of the brand’s total volume (compared to 30.7% a year ago).

The company said that its overall growth in April was mainly driven by an 89% increase in plug-in hybrid car sales. Volvo sold 3,006 PHEVs—28.3% of all cars.

However, unfortunately, we can’t see a similar growth on the all-electric side. Volvo’s EV sales have remained low for several months now. April was not an exception with just 328 units (down 76% year-over-year).

As we understand, buyers are waiting for the next-generation Volvo EX30 and Volvo EX90 models. Once they will arrive in volume, we should see a surge in EV sales.

Volvo plug-in car sales last month (YOY change):

• BEVs: 328 (down 76%) and 3.1% share
• PHEVs: 3,006 (up 89%) and 28.3% share
• Total Recharge: 3,334 (up 13%) and 31.4% share

Volvo Recharge sales in the U.S. – April 2024

So far this year, Volvo sold over 11,400 plug-in cars in the U.S., which is 27.5% of the total sales volume. All-electric car sales are down 69% year-over-year to less than 1,300 units, which is a disappointment.

Volvo plug-in car sales year-to-date (YOY change):

• BEVs: 1,298 (down 69%) and 3.1% share
• PHEVs: 10,124 (up 55%) and 24.4% share
• Total Recharge: 11,422 (up 7%) and 27.5% share

For reference, in 2023, Volvo sold over 35,000 plug-in electric cars in the U.S. (up 28% year-over-year), which was almost 28% of the total volume.

The start of 2024 appears to be challenging for Volvo’s all-electric cars. As we said in the past, maybe things will improve later this year, with the launch of the Volvo EX30 and Volvo EX90.

In the future, the all-electric Volvo XC40 Recharge and the Volvo C40 Recharge will also be renamed to fit the “EX” naming convention. They’ll be the EX40 and EC40, respectively.

Below, we attached Volvo’s full lineup of all-electric cars available for order in the U.S.

Prices

* $7,500 federal tax credit might be available through leasing for all models. At some point in the future, the Volvo EX90 with a price under $80,000 might be qualified for the incentive when purchasing due to its local production in Ridgeville, South Carolina.

Basic specs

* according to the manufacturer

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