The company already sold over 100,000 plug-ins YTD.
Volvo Cars reported that its global sales decreased in July by 8.7% year-over-year to 56,883, partially due to the high base in July 2020 in Europe, and partially because of the global shortage of semiconductors.
Fortunately, the plug-in electric car sales still increase, reaching 25.5% of the total volume last month (about 14,500).
Most of the plug-ins are sold in Europe (about 9,635), where Volvo’s Recharge share stands at 43%, while the U.S. adds about 2,280 (19.7% share), which leaves less than 2,600 for the rest of the world.
“Volvo Cars’ Recharge line-up of chargeable Volvo models continued its strong momentum in July, accounting for 25.5 per cent of all cars sold in the month. In Europe, more than 43 per cent of all cars sold in July were from the Recharge line-up.”
We estimate that Volvo has sold about 108,000 plug-in electric cars globally during the first seven months of 2021 (almost 25% of the total volume). That’s really not bad – the foundation has been laid and we might even see 200,000 this year.
The goal for 2025 is 50% for BEVs alone (600,000 units out of 1.2 million total) and 100% by 2030, which means that we should soon see a high rate of increase.
Most likely, the real BEV push will start in 2022-2023 with the introduction of the successor of the XC90 and XC60 SUVs. New BEV platforms, and focus on longer range and faster charging should attract a lot of customers.
Together with the electrification of Volvo, we will see the expansion of Polestar, which uses the same platforms.
Volvo Cars detailed results:
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