Volvo Hits 25% Increase In Record-Breaking EV Sales In March

Thanks to the contribution from Volvo’s electric vehicle (EV), the EX30, the company achieved record-breaking global sales in March, with a remarkable 25% year-over-year increase in March sales, reaching an unprecedented 78,970 cars sold, representing the highest number ever achieved for any single month.

This surge in sales sent shares soaring by 4% in early trade, underlining investor confidence in Volvo’s trajectory. The company’s robust performance extends beyond March, with first-quarter sales soaring by 12%, presenting sustained growth and consumer demand for Volvo vehicles, where the success derives from Volvo’s strategic emphasis on EVs, with the sales reaching a substantial 43% increase year-over-year, constituting a significant 23% share of all global sales last month.

Björn Annwall, Volvo Cars’ chief commercial officer & deputy CEO, expressed optimism about future prospects, stating, “We are making good progress towards our annual sales target of at least 15% growth, and in the months ahead, we will focus on ramping up sales of our EX30.”

In Europe, Volvo hit 33% growth in March sales compared to the same period last year, with EVs witnessing a large 66% surge. Similarly, in the United States (U.S.), total sales rose by 50%. With all this growth occurring with Volvo’s EVs, the company’s long-term vision for electric mobility stays unwavering, with ambitious targets set for the future.

Looking ahead, Volvo is striving for further growth with its CEO stating its EVs to take half the sales volumes by the middle of the decade and to only be selling EVs by 2030. With a diverse range of EVs and a steadfast commitment to EV adoption, Volvo is making massive changes to the automotive industry.

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