Published on January 9th, 2024 | by Subhash Nair


Volvo Cars Sets Another Sales Record Globally In 2023

Volvo Cars sold 15% more cars globally in 2023 than they did in 2022.

Volvo Cars has set a new global sales record for the year 2023, reporting an impressive figure of 708,716 cars sold. This marks a substantial 15% increase compared to the full year of 2022, highlighting the company’s resilience and success in the automotive market. For the month of December alone, Volvo Cars achieved a global sales figure of 76,015 cars, indicating a commendable 5% increase compared to the same period in 2022. This strong finish to the year solidifies Volvo Cars’ position as a major player in the automotive industry.

Volvo Cars Volvo XC60

Electrified Portfolio and Stable Supply Chain

Volvo Cars attributes this all-time-high sales record to its robust electrified product portfolio and a more stabilised supply chain. This combination has not only enhanced the brand’s competitiveness but also contributed to its remarkable sales growth in a challenging market environment.

Surge in Electrified Car Sales

Volvo Cars witnessed a significant surge in the sales of electrified cars, reflecting the global shift towards sustainable transportation. In 2023, the company sold 113,419 fully electric cars, showcasing an impressive 70% increase compared to the previous year. Additionally, plug-in hybrid car sales reached 152,561 units, marking a notable 10% growth. Together, these electrified vehicles constituted 16% of Volvo Cars’ total global sales for the year.

Volvo C40 on a production line in Ghent

Regional Performance

Volvo Cars experienced substantial growth in European sales, reaching 294,794 cars in 2023, a remarkable 19% increase from the previous year. The Recharge cars, equipped with fully electric or plug-in hybrid powertrains, accounted for an impressive 59% of all cars sold in the region during the year.

In the United States, Volvo Cars saw a significant uptick in sales, totaling 128,701 cars for 2023, a substantial 26% increase compared to the full year of 2022. Notably, Recharge cars constituted 28% of all cars sold, reflecting a growing demand for electrified vehicles in the American market.

China also played a crucial role in Volvo Cars’ global success, with sales growing by 5% compared to 2022, resulting in 170,091 cars sold during 2023. The Recharge cars segment witnessed an impressive 26% growth throughout the January to December period.

Top-Selling Models

The Volvo XC60 secured its position as the top-selling model for 2023, with sales reaching an impressive 228,646 cars. Following closely, the XC40 achieved total sales of 200,670 cars, while the XC90 contributed 107,549 cars to the overall success. These figures reflect the popularity of Volvo’s SUV lineup and the brand’s ability to cater to diverse consumer preferences.

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