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Volvo Cars is putting a lot of effort and emphasis behind its worldwide EV and hybrid initiative. With the volatility of EV sales, it’s a bit of a gamble for the brand. However, some of the most recent sales data suggests that Volvo’s EV push might be paying off for the marque. 

Volvo is pushing its chips to the center of the table on an EV gamble– and it seems to be working for the brand

Volvo has an illustrious history with gas-powered, practical, and safe vehicles. However, like much of the modern auto industry, the Swedish brand is putting a stark emphasis on electric vehicles (EVs). Fortunately for Volvo Cars, it seems to be working out. 

In June of this year, Volvo reported an 8% bump in sales over the same period last year. Moreover, Volvo and its Chinese parent company, Geely Holding, announced that hybrids and battery electric vehicles (BEVs) enjoyed a 41% increase in sales. 

However, most of the brand’s wins aren’t attributable to its North American sales. Instead, Reuters reports that the Swedish marque’s performance in Europe and Latin America make a sizable portion of the sales successes. 

As for the breakdown of vehicle types, Volvo EV models continue to make up an increasing amount of the brand’s global sales. For instance, the tenured automaker reported that hybrids and BEVs made up around 48% of its global vehicle sales as of June 2024.

In Volvo’s biggest market, Europe, sales increased about 34% year-over-year. However, American buyers didn’t embrace the marque’s vehicle lineup quite as much as European and Latin American car shoppers. 

Specifically, Volvo sales in the United States faltered by about 28%. However, the brand claims that “IT-related disturbances” at its American dealerships were to blame for the lower sales. Still, much of the automaker’s current North American lineup is EVs. 

For instance, the brand offers the EC40, EX30, EX40, and EX90, all of which are EV-only models. Additionally, the Volvo “Recharge” models are high-voltage versions of some of the marque’s popular models, like the S60 and S90.

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Staff Writer

Erik Sherman

Erik Sherman joined the MotorBiscuit team as an Autos Writer in 2022. An admitted petrolhead and an avid motorcyclist, Erik has owned everything from classic cars to motorcycles to modern driver’s cars. Erik also has extensive experience with military and emergency vehicles, ranging from ambulances and fire engines to MRAPs and M-ATVs. Erik is an eager car and motorcycle reviewer with experience covering everything from sports cars to pontoon boats and jet skis.

Erik holds a Bachelor’s Degree in International Relations (IRG) from the University of Texas at Austin and has studied Chinese, Energy, and European Politics at the University of Glasgow in Scotland. Erik’s background is unorthodox; he is a United States Marine Corps (USMC) combat veteran, water survival practitioner, and a former firefighter/EMT. Additionally, Erik is a regular volunteer and former instructor with the American Red Cross (ARC).