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Home News Consumer Vehicles Cars

Volvo clocks in 96% global growth year-on-year in all-electric sales

Shivani Khandekar by Shivani Khandekar
4th August 2022
in Cars, Consumer Vehicles, Market, News, Sales
Reading Time: 7 mins read
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Demand for Volvo's Recharge pure electric cars remains robust, the company has announced.

Recharge cars accounted for 21.5%of total sales in July, while fully electric vehicles such as the XC40 stood at 3.5%. For the full year 2022, the target remains of having a double-digit share of fully electric cars.

In Europe, where Recharge cars accounted for 39.9% of total sales in July, the fully-electric segment registered a 69% growth year-to-date.

In the US, where Recharge models make up 14% of the total sales, fully-electric cars have seen a 21% growth YTD.

Pure electric Volvo C40 and XC40 Recharge at a charging station

Volvo noted that July sales continued to be affected by supply constraints being carried over from previous months due to Covid-related lockdowns in China. This particularly affected retail deliveries of Recharge cars during the month and is expected to continue to affect its retail sales into the current quarter.

Nevertheless, the Swedish automaker stressed that it is seeing a marked improvement in the stabilisation of its supply chain, with July confirming the positive production trend as seen in the previous month. Provided this normalisation continues, the company expects production to “progressively increase” in the coming months.

On the back of this expected improvement, Volvo anticipates retail sales to be flat or slightly lower for the full year 2022, compared with volumes in 2021.

Bucking this trend, however, China saw total sales go up by 6.4% in July, with fully-electric cars witnessing a whopping 280% growth year-to-date. This enabled Volvo to record a 96% global increase in BEV sales.

July January-July (YTD)
2022 2021 Change 2022 2021 Change
Europe 15,893 22,408 –29.1% 135,663 189,230 -28.3%
Recharge 6,344 9,663 -34.3% 64,890 77,833 -16.6%
 – Plug-in hybrid 5,350 8,531 -37.3% 50,842 69,523 -26.9%
 – Fully electric 994 1,132 -12.2% 14,048 8,310 69.0%
China 15,487 14,550 6.4% 85,720 109,802 –21.9%
Recharge 815 1,112 -26.7% 5,857 5,245 11.7%
 – Plug-in hybrid 473 1,074 -56.0% 4,629 4,924 -6.0%
 – Fully electric 342 38 800.0% 1,228 321 282.6%
US 6,868 11,575 –40.7% 57,453 75,329 –23.7%
Recharge 961 2,275 -57.8% 16,866 12,349 36.6%
 – Plug-in hybrid 867 1,374 -36.9% 12,961 9,122 42.1%
 – Fully electric 94 901 -89.6% 3,905 3,227 21.0%
Other 6,416 8,350 –23.2% 57,129 63,279 –9.7%
Recharge 1,476 1,475 0.1% 15,944 12,893 23.7%
 – Plug-in hybrid 1,323 1,411 -6.2% 11,322 12,606 -10.2%
 – Fully electric 153 64 139.1% 4,622 287 1510.5%
Total 44,664 56,883 –21.5% 335,965 437,640 -23.2%
Recharge 9,596 14,525 -33.9% 103,557 108,320 -4.4%
 – Plug-in hybrid 8,013 12,390 -35.3% 79,754 96,175 -17.1%
 – Fully electric 1,583 2,135 -25.9% 23,803 12,145 96.0%
Tags: VolvoVolvo CarsVolvo XC40 Recharge Twin AWD
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