Volvo Cars set a new global sales record as the company reports full-year sales of 763,389 cars during 2024, an increase of 8 per cent compared to the full year of 2023. For the month of December, Volvo Cars sold 73,804 cars globally, a decrease of 3 per cent compared to December 2023.

Volvo Cars also saw a significant increase in sales for its electrified cars. For the full year 2024, Volvo Cars sold 175,194 fully electric cars, an increase of 54 per cent compared to 2023, and 177,593 plug-in hybrid cars, a 16 per cent increase compared to 2023. Sales of electrified models accounted for 46 per cent of all Volvo cars sold globally during 2024. Sales of fully electric cars accounted for 23 per cent of all Volvo cars sold globally during 2024, compared to 16 per cent in 2023.

European sales reached 369,685 cars during 2024, an increase of 25 per cent compared to 2023. Volvo Cars’ line-up of electrified models – fully electric and plug-in hybrid models, accounted for 65 per cent of all the cars sold in the region last year.

Volvo Cars’ US sales for 2024 amounted to 125,243 cars, down 3 per cent compared to the full year of 2023. The number of sold electrified models increased by 20 per cent and accounted for 34 per cent of all cars sold in the US during the year.

Sales in China decreased 8 per cent compared to 2023, resulting in 156,370 sold cars during 2024. Overall, sales of electrified models grew 3 per cent during the January to December period.

For 2024, the Volvo XC60 was the top-selling model with sales of 230,853 cars (2023: 228,646), followed by the XC40/EX40, with total sales of 173,890 cars (2023: 200,670) and the XC90 at 108,621 cars (2023: 107,549).

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Volvo Cars in 2023

For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 cars.