US: Volvo Plug-In Car Sales Returned To Growth In October 2022

Volvo Cars reports its first increase in car sales in the US for quite some time. In October, the company sold 9,478 units, which is 8.9% more than a year ago. So far this year, the company sold over 81,000 cars, which is 27% less than in 2021 at this point.

Plug-in electric car sales also returned to growth last month, which indicates that supply finally improved.

In October, a total of 2,528 Volvo plugs-in were sold, which is 20% more than a year ago and 26.7% of the total volume. In California, Volvo Recharge’s share is nearly 50%.

It’s worth noting that both BEV and PHEV sales improved year-over-year (after several months of decline), which hopefully will continue in the following months.

Volvo plug-in car sales:

• BEVs: 835 (up 3% year-over-year) and 8.8% share
• PHEVs: 1,693 (up 31% year-over-year) and 17.9% share
• Total Recharge: 2,528 (up 20% year-over-year) and 26.7% share

So far this year, Volvo sold in the US over 21,000 plug-in cars, which represents about a quarter of the total volume.

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

• BEVs: 5,100 (down 2% year-over-year) and 6.2% share
• PHEVs: 16,843 (up 31% year-over-year) and 20.6% share
• Total Recharge: 21,943 (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.

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

The company is advancing to achieve the goal, but for the real turning point and acceleration of electrification efforts, we will probably have to wait until 2023, when the all-new BEVs will enter the market.

Currently, Volvo offers in the US only electrified models (mild hybrid, hybrid, plug-in hybrid or all-electric), including two BEVs (XC40 Recharge and C40 Recharge). In 2023, Volvo will launch an electric successor to the outgoing Volvo XC90 – the Volvo EX90 (it will have also a Polestar cousin).