US: Volvo Plug-In Car Sales Continue Downward Trend In September 2022

Volvo Cars reports a 29% decrease in car sales in the US in the month of September, to 6,627. The results have been negative every month of this year, bringing the total to 72,216 (down 24% year-over-year).

The main issue the company has appears to be the lack of sufficient car supply to meet demand. Volvo Cars is impacted by various challenges in Europe as well as in China (COVID-19-related lockdowns earlier this year and once again in September).

The bad news is that Volvo was not able to increase its plug-in electric car sales (Volvo Recharge lineup).

Last month, a total of 1,169 Volvo plugs-in were sold, which is 31% less than a year ago (fourth consecutive month of decline). Nonetheless, Volvo Recharge models stand for almost 18% of the total Volvo volume.

In Q3, plug-in car sales amounted to 3,510 (down 41% year-over-year). Hopefully, things will improve in Q4, but nothing is certain.

Volvo plug-in car sales:

• BEVs: 154 (down 68% year-over-year) and 2.3% share
• PHEVs: 1,015 (down 17% year-over-year) and 15.3% share
• Total Recharge: 1,169 (down 31% year-over-year) and 17.6% share

So far this year, Volvo sold in the US over 19,000 plug-in cars, which represents about a fifth of the total volume.

Thanks to a relatively strong beginning of the year, Volvo should be able to sell this year more cars than in 2022.

Volvo plug-in car sales year-to-date in 2022:

• BEVs: 4,285 (down 3% year-over-year) and 5.9% share
• PHEVs: 15,150 (up 30% year-over-year) and 21.0% share
• Total Recharge: 19,415 (up 21% year-over-year) and 26.9% share

For reference, during the 12 months of 2021, Volvo sold in the US over 22,000 plug-in cars.

Let’s recall that Volvo’s goal is to reach a 100% share of all-electric cars globally by 2030, combined with an increase in volume to 1.2 million units annually.

The new 2023 model year lineup in the US already includes only electrified models (mild hybrid, hybrid, plug-in hybrid or all-electric), but the BEV offer is slim with just two models (XC40 Recharge and C40 Recharge).

Soon, Volvo will introduce all-new all-electric models based on a next-generation platform, which will be utilized also by Polestar. It should give Volvo a vital BEV boost in 2023. The first in line is the Volvo EX90 – an electric successor to the outgoing Volvo XC90.