Volvo Doubles Global EV Sales In September, But Faces US Decline

Swedish automaker Volvo Cars VLVCY doubled its global battery electric vehicle sales last month as compared to August 2023, but experienced sales dwindle within the U.S., the company said on Thursday.

What Happened: Volvo sold 13,418 BEVs in the last month as compared to just 6,660 in the corresponding month of 2023. From the start of this year till August end, the company has sold 118,308 BEVs, or 66% more than last year, largely due to its rise in sales in Europe.

However, within the U.S., Volvo BEV sales are falling fast. Last month, Volvo Cars sold just 588 BEVs in the U.S., marking a fall of 32% from last year. In the 8 months ended August, the company witnessed a whopping 68% drop in BEV sales to just 3,089 units.

U.S. is the only market among Volvo’s three key markets around the globe where it has reported a significant fall in BEV sales. Since the start of 2024 and through the end of August, Volvo has witnessed a 97% jump in BEV sales in Europe and a 20% rise in China.

Volvo is currently relying on its plug-in hybrids to buoy the brand in the U.S. The company sold 3,345 PHEVs last month in the U.S., or 84% more than in August 2023. In the first eight months of 2024, the company sold 23,257 PHEVs, marking a growth of 71%.

Why It Matters: Volvo, majority-owned by China’s Geely, is no longer looking to be an all-electric automaker by 2030. It said on Wednesday that it has scrapped its plans to offer only electric vehicles by 2030 citing waning customer demand for EVs and changing market conditions.

The company is now looking for battery electric vehicles and plug-in hybrids collectively to account for 90 to 100 percent of its global sales volume by 2030. The remaining up to 10% will be mild hybrid vehicles, the company said.

Having a mixed portfolio of electric, plug-in hybrid (PHEV), and mild hybrid vehicles, the company said, serves as a "clear bridge" to full electrification. PHEVs further provide customers the chance to experience electric driving if they are not willing to completely switch to fully electric vehicles, it added.

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