As far as the Volvo brand is concerned, there is a growing amount of news about all-electric models, but this does not seem to affect the hot sales of the Volvo XC60. In terms of sales, the Volvo brand sold a total of 708716 units in the global market in 2023, an increase of 15% compared to 2022. The XC60 was the most popular product, with 228646 units sold (up from 195338 in 2022), beating out the Volvo XC40 (200,670) and the Volvo XC90 (107549), although both cars also saw sales increase from the previous year.
On the road to all-electric by 2030, the luxury brand has seen a significant 70% increase in EV sales, with a total of 113419 zero-emission vehicles in 2023, accounting for 16% of total shipments. In addition, demand for plug-in hybrids surged by 10% to 152561 units. Volvo grew in almost all major regions last year. Deliveries in Europe jumped 19% to 294794, while deliveries in China jumped 5% to 170091. In addition, sales in the U.S. increased by 26 percent to 128701 units, and demand in other regions increased by 11 percent to 115,130 units.
Despite the market dominance of SUVs in 2023, resulting in the discontinuation of the S60, V60 and V90 in the UK, Volvo is still committed to the production of sedans and station wagons. In fact, the company's first electric sedan has just been unveiled and will likely be named ES90. In addition, there is a special car for the Chinese market - Volvo EM90.
Elsewhere, Volvo has promised to stop producing diesel-powered cars in early 2024, and although the EX90 is now the new flagship SUV, the old XC90 with an internal combustion engine is still in use for the time being. With the introduction of new models, such as the high-volume EX30 entry-level electric vehicle, annual sales are expected to increase to 1.2 million units by 2025.