Volvo Cars saw global growth despite shrinking in US and China.
Volvo Cars has marked a significant milestone in its history, reporting record-breaking global sales of 763,389 vehicles in 2024, representing an 8 percent increase compared to 2023. The Swedish automaker’s success story is particularly notable in the electric vehicle segment, where sales growth substantially outpaced overall performance. The story in Malaysia is not quite as positive, but with the introduction of the EX30, a quick look at JPJ’s vehicle sales data shows Volvo Car Malaysia steadied the ship by the end of the year.
Globally, the company’s transition toward electrification gained considerable momentum, with fully electric vehicles accounting for 23 percent of total sales in 2024, up from 16 percent in 2023. Volvo delivered 175,194 fully electric cars, marking a dramatic 54 percent increase year-over-year. Additionally, plug-in hybrid sales reached 177,593 units, growing 16 percent compared to the previous year. Combined, electrified vehicles represented 46 percent of Volvo’s global sales in 2024.

Europe emerged as a particularly strong market for Volvo, with sales reaching 369,685 units, a remarkable 25 percent increase from 2023. The region demonstrated strong appetite for electrified vehicles, with fully electric and plug-in hybrid models accounting for 65 percent of all sales, highlighting Europe’s rapid adoption of sustainable mobility solutions.

However, performance varied across other key markets. In the United States, Volvo experienced a slight decline of 3 percent, with total sales of 125,243 vehicles. Despite the overall decrease, electrified model sales grew by 20 percent, representing 34 percent of U.S. sales. The Chinese market posed challenges, with sales declining 8 percent to 156,370 units, though electrified vehicle sales still managed a modest 3 percent growth.

The Volvo XC60 maintained its position as the brand’s bestselling model, with 230,853 units sold in 2024, slightly up from 228,646 in 2023. The XC40/EX40 line secured second place with 173,890 sales, while the XC90 rounded out the top three with 108,621 units sold.

Despite a 3 percent decrease in global sales during December 2024 compared to the same month in 2023, the overall yearly performance demonstrates Volvo’s successful strategy in navigating market challenges while advancing its electrification goals.

These results reflect Volvo Cars’ commitment to sustainable mobility and suggest growing consumer acceptance of electrified vehicles across major markets. The company’s strong performance in Europe, combined with increasing electrification rates in other regions, positions Volvo well for continued growth in the electric vehicle segment.

The data also highlights regional variations in electric vehicle adoption, with Europe leading the way in electrification, while markets like the U.S. and China show different adoption rates and challenges. The real problem comes further down the road as Volvo Car has committed itself to electrification but may have to recalibrate this for certain markets.