Volvo's Entry-Level BEV Credited With Helping Sales Rise

Volvo Cars’ entry-level EX30 battery-electric compact SUV is being credited for aiding healthy August sales in Europe while the automaker saw declines in China and the U.S.

The model, priced from €39,790 ($44,017) in European markets helped the automaker’s global sales for the month increase 3% year-on-year to a total of 52,944. Europe propped up the results where sales reached 21,119 cars in August, up 32% compared to the same period last year.

Here the sales of electrified models increased 52% year-on-year and the share of electrified models, including hybrid, plug-in hybrid and battery-electric, accounted for 73% of all Volvo cars sold in Europe for the month.

Globally, the company's sales of electrified models grew 47% compared to the same period last year and accounted for 47% of all Volvo cars sold during August. The share of fully electric cars constituted 25% of all cars sold for the month. 

The total sales for the period of January through August amounted to 498,464 cars globally, an increase of 11% compared to the same period in 2023. In August, the Volvo XC60 was the top-selling model with sales of 14,723 cars, up from 16,476 the previous year, followed by the XC40/EX40, with total sales of 10,668 cars, up from 13,942, and the newly introduced EX30 at 8,346 cars.

Sales in the U.S. fell 2% in August, totaling 10,420 cars. However, sales of PHEV models increased 84% compared to the same period last year.

Volvo Cars' sales in China reached 12,185 cars, plummeting 23% compared to August 2023 in the face of fierce price cutting by domestic rivals. Yet, sales of electrified models stood at 1,233, up 10% from the same period last year.

Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars, says: “It is good to see that we were able to close out August with continued sales growth. We have a robust brand and we continue to see solid consumer interest across our lineup. The performance in Europe was particularly encouraging, as the sales of our EVs continue to grow at a rapid pace, with the EX30 leading the way.”