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Volvo Plug-In Car Sales Increased 31% In January 2023

Volvo Cars report 48,520 global car sales in January, which is 2 percent more than a year ago, but still some 19 percent less than in 2021.

The good news is that plug-in electric car sales continue to increase at a healthy rate. Last month, Volvo sold 19,742 rechargeable cars (up 31 percent year-over-year), which represents 40.7 percent of the total. That's the third consecutive result above 40 percent.

More importantly, all-electric car sales increased by almost 152 percent year-over-year to 7,874. BEV sales are still lower than PHEV sales (11,868), but considering that plug-in hybrids are in the red for 13 consecutive months, it should not take too long to match and exceed plug-in hybrids.

Volvo Recharge result:

  • BEVs: 7,874 (up 152%) and 16.2% share
  • PHEVs: 11,868 (down 1%) and 24.5% share
  • Total: 19,742 (up 31%) and 40.7% share

Volvo Recharge sales - January 2023

For reference, in 2022, Volvo sold over 205,000 plug-in electric cars (compared to almost 190,000 in 2021), which was a third of the total volume.

Volvo Recharge sales YTD:

  • BEVs: 66,749 (up 159%) and 10.9% share
  • PHEVs: 138,603 (down 15%) and 22.5% share
  • Total: 205,352 (up 8.5%) and 33.4% share

This year, the Volvo Recharge car sales might exceed 250,000 or maybe even reach 300,000, if the growth would accelerate to 50 percent.

Geographically, as usual, most Volvo plug-in cars were sold in Europe (12,820). In the US, in January, sales increased by 24 percent year-over-year to 2,370 (771 BEVs and 1,599 PHEVs). Meanwhile, plug-in electric car sales in China increased by 10 percent to 1,258.

In terms of models, Volvo's lineup includes two all-electric models, the Volvo C40 Recharge and the Volvo XC40 Recharge. In January, the company sold 5,133 electric XC40 and 2,741 C40.

Volvo is expected to continue the expansion of its plug-in car sales, especially all-electric ones. The next big thing will be the Volvo EX90 large SUV with a 111 kilowatt-hour (kWh) battery. For those who prefer smaller cars, the company hints at smaller crossover EX30.

Volvo Cars detailed sales results:

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