Volvo Cars USA continues to make waves in the United States automobile market, with impressive sales figures for the month of June 2023. The renowned automaker reported a staggering 53 percent year-over-year increase in car sales, reaching an impressive total of 12,933 units. The exceptional growth trend persisted throughout the first half of the year, with a total of 59,750 cars sold, marking an 18 percent increase compared to the same period last year.
More people buying hybrids indicates a shifting trend in customer preferences
A significant highlight in Volvo’s recent success is the remarkable surge in plug-in electric car sales. In June alone, Volvo sold 3,793 units, representing an impressive 79 percent year-over-year increase. This achievement catapulted plug-in electric cars to a dominant position, comprising over 29 percent of the brand’s total sales volume. Particularly noteworthy is the surge in all-electric vehicle (BEV) sales, which experienced a staggering 284 percent year-over-year increase and set a new all-time record with 2,123 units sold.
In a surprising turn of events, all-electric car sales surpassed plug-in hybrid car sales for the first time, indicating a shifting trend in consumer preferences. Plug-in hybrid electric vehicles (PHEVs) faced challenges this year, leading industry experts to anticipate the rise of BEVs as the dominant force in the market.
During the second quarter of 2023, Volvo sold 9,778 new plug-in electric cars, slightly lower than the previous year. However, the sales of BEVs alone reached an impressive 4,821 units, marking a significant 124 percent increase compared to the previous year. Year-to-date, Volvo has sold nearly 17,500 plug-in electric cars in the US, accounting for approximately 29 percent of the brand’s total sales volume. This growth has been primarily driven by the 100 percent increase in BEV sales, effectively offsetting the decline in PHEV sales.
In a bid to further bolster their presence in the US electric car market, Volvo recently unveiled the 2024 models of the C40 Recharge and XC40 Recharge. These new iterations boast enhanced specifications, making them even more appealing to eco-conscious consumers.
While imported Volvo models do not qualify for the $7,500 federal tax credit, the incentive may be incorporated into lease rates, providing potential customers with added benefits. Notably, Volvo’s US lineup exclusively comprises electrified models, including mild hybrids, hybrids, plug-in hybrids, and all-electric vehicles. Currently, the lineup features two BEVs—the XC40 Recharge and C40 Recharge. Looking ahead, Volvo plans to introduce the all-new Volvo EX90 model, which will be locally produced alongside the Polestar 3, as well as the recently unveiled Volvo EX30.
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