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

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, 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).

Volvo needs EX models to increase EV sales

In 2023, Volvo sold a record number of over 35,000 plug-in electric cars in the U.S., including a record number of 13,609 all-electric cars. In 2024, a lot depends on the upcoming all-new all-electric EX30 and EX90 models.

The company said 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.

Unfortunately, we can’t see 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

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

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), 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.

* A $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.

* according to the manufacturer