Volvo reached its highest-ever share of electrified vehicles as its new fully electric EX30 boosted EV sales in February. Although overall sales slid 2% last month, Volvo’s fully electric vehicle sales were up 14%, reaching a new record share.
Volvo EX30 lifts EV sales to record February share
After launching its smallest and cheapest EV, the EX30, in December, Volvo is already seeing big results.
Volvo hit a new record with 22,266 electrified vehicles (including PHEVs) sold last month, accounting for 44% of total sales. Fully electric cars also set a new record. Volvo’s EV sales share reached 22%, with nearly 11,000 EVs handed over, up 14% YOY.
The main driver last month was its new EX30, according to Volvo. Volvo sold 5,863 EX30 models through the first two months of 2024 as demand for affordable EVs heats up.
The EX30 is already rolling out in Europe, Japan, and Brazil. Volvo says its low-cost EV will hit new markets in the coming weeks.
After a record 2023 with over 113,000 EVs sold (+70% YOY), CEO Jim Rowan sees “tremendous growth” this year. He boasted about the automaker’s pricing power, with the EX30 starting at $34,950 in the US and €36,590 in Europe.
When asked about the reported “slowdown” in the EV market, Rowan responded, “We are not seeing any order cancellations or any slowdown in order intake.”
Volvo’s overall sales slipped 2% to just over 50,000 due to the timing of the Lunar New Year in China. Europe was Volvo’s biggest market, with 8,799 EVs sold, up 31% YOY. The US and China both saw EV sales fall as Volvo works to launch new models in the regions.
The EX30 is expected to launch in the US by this summer. It will be available in a single-motor extended range and twin-motor performance version.
The extended-range model will feature up to 275 miles driving range. Meanwhile, the performance includes up to 265 miles range but packs 422 hp and 400 lb-ft of torque for a 3.4s 0 to 60 mph sprint. It will start at under $35,000 as one of the most affordable EVs on the market.
Electrek’s Take
Although EV sales fell in the US and China, Volvo plans to boost sales in some of its most critical markets.
Volvo expects the entry-level EX30 to be one of its best sellers in the coming years. The Swedish automaker is also launching its first three-row electric SUV, the EX90.
The Volvo EX90 will start at $76,695 in the US to rival Rivian’s R1S, which became the seventh best-selling EV in the US last year.
Meanwhile, Volvo’s first electric minivan, the EM90, will begin rolling out in China. Volvo expects new EVs to turn sales around quickly in the US and China.
The new EVs will help Volvo as it works toward becoming an all-electric automaker by 2030. Rowan believes the company is on course to hit its target.
Volvo recently rebranded its fully electric XC40 and C40 Recharge as the EX40 and EC40 with new upgrades as its streamlines its portfolio for an all-electric future.
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