As September winds down, Volvo Cars isn’t just looking back; it’s zooming ahead. With a whopping 61,666 global car sales last month—25% more than the same month last year—the Swedish automaker shows no signs of slowing down. But what’s even more interesting is how the company’s plug-in electric car sales are skyrocketing, indicating a future that’s not just electric, but supercharged.

The company’s Electric Car Segment surged by 37% in the first 9 months of 2023

While Volvo’s total car sales have risen by 19% year-over-year in the first nine months of 2023, the plug-in electric car segment surged by 37%, reaching 21,103 sales. This means plug-in cars now make up 34.2% of Volvo’s total sales, a bump from last year’s 31.3%. Notably, these figures are pushing the envelope even before Volvo launches its next generation of all-electric vehicles, expected to significantly shift the balance in favor of pure electric cars.

Volvo

The current sales trend suggests that plug-in hybrid cars are slightly outselling all-electric ones. However, given the current growth rate—especially a 52% rise in battery electric vehicles (BEVs)—this is likely to flip soon. The data backs it up: for this year so far, BEVs like the Volvo C40 Recharge and the Volvo XC40 Recharge have a 15.8% share, a staggering 149% increase year-over-year.

Volvo’s electric pivot isn’t just limited to its homeland. A look at the geography of these sales paints an inclusive picture. In Europe, plug-in car sales were 13,599, up 21%. The United States saw an explosive 161% increase to 3,052 units. Even in China, often viewed as a challenging market, Volvo notched up a 20% increase in plug-in car sales.

Here’s the kicker: Volvo isn’t just playing the numbers game. The company has a vision for a 100% BEV lineup by 2030. With upcoming models like the all-new Volvo EX90 and Volvo EM90, the automaker is not just responding to market trends, but potentially setting them.

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