Volvo Cars’ shares climbed on Monday following the automaker’s report of a 10% rise in global sales for October 2023, reaching 59,861 units. The surge was largely fueled by high demand for its electric vehicles, a sign of the ongoing shift toward sustainable transportation.
Sales of fully electric vehicles rose by an impressive 29% compared to the same month last year, accounting for 18% of Volvo’s total sales, up from 12% in October 2022. This growth highlights Volvo’s success in expanding its electrified lineup as consumer interest in EVs grows.
Regionally, Europe led the charge with a 13% sales increase, totaling 24,892 units. Volvo’s Recharge models, which include both fully electric and plug-in hybrid vehicles, made up 55% of all European sales. However, there was a slight decline in plug-in hybrid sales as consumers increasingly favored fully electric models.
In the U.S., Volvo experienced even stronger growth, with sales rising 19% year-over-year to 11,296 units. Fully electric vehicle sales jumped 49%, indicating growing interest in EVs across the U.S. Recharge models made up 27% of Volvo’s sales in the region, underscoring the company’s expansion in the American EV market.
China presented a steadier picture, with sales relatively flat at 15,041 units. Despite this, sales of Recharge models rose by 27%, signaling a gradual move toward electrification in the region.
Among Volvo’s models, the XC60 led global sales with 20,212 units, up from 17,531 in October 2022. It was followed by the XC40 with 17,022 units, and the XC90 with 7,961 units, both of which also saw year-over-year gains.
Volvo’s October performance reflects its strong positioning in the EV market, with growing demand across key regions as it accelerates its shift toward fully electric offerings.
