Volvo Cars June Sales Jump 33% As EV Sales Quadruple

Volvo Cars sales for the month of June 2023 jumped 33% year-on-year to 66,379 vehicles.

Volvo Cars is owned by Zhejiang Geely Holding (Geely Holding) of China. Volvo Cars formed part of the Swedish Volvo AB VLVLY until 1999, when the company was bought by Ford Motor Company F. In 2010, Volvo Cars was acquired by Geely Holding.

The overall sales increase was driven by the company's fully electric cars which quadrupled compared to the same period last year. 

Volvo Cars' Recharge line-up of chargeable models, with a fully electric or plug-in hybrid powertrain, increased by 129% in June, constituting for 37% of all Volvo cars sold globally during the month. The share of fully electric cars was 14%.

Also Read: Volvo Partners With Sweden's Vattenfall For Renewable Electricity

Sales in the U.S. surged 53% Y/Y to 12,933 units, Europe soared 70% Y/Y to 27,196 cars. However, sales in China decreased by 6% Y/Y to 15,405 cars.

For June, the top selling model was Volvo XC60 with 21,053 cars, followed by the XC40, with total sales at 18,170 cars.

Volvo noted that the June 2022 sales were negatively affected by lower production due to last year's supply chain constraints.

For the first six months of the year, Volvo Cars sales increased 17% Y/Y to 341,691 vehicles.