Volvo Cars, the iconic Swedish automaker owned by China’s Geely Group, achieved a record-breaking year in 2024, selling 763,389 vehicles worldwide, marking an 8% growth compared to 2023. The company’s robust performance was driven largely by a sharp rise in sales of electric and hybrid vehicles, reinforcing its transition toward sustainable mobility.
Volvo’s electric vehicle segment experienced remarkable growth, with sales of 175,194 fully electric cars, a 54% increase from the previous year. Electric vehicles accounted for 23% of total sales, highlighting the company’s growing foothold in the rapidly expanding EV market. Additionally, Volvo sold 177,593 hybrid vehicles.
Volvo saw 25% growth in Europe, where electric vehicles continue to gain traction amid stricter emissions regulations and government incentives. However, the company faced challenges in China, reporting an 8% decline in sales, while the U.S. market saw a 3% drop.
Despite setbacks in these key regions, Volvo’s strong European performance and global EV adoption bolstered its overall results. Analysts believe the decline in China reflects broader market trends, including economic slowdowns and rising competition from local electric vehicle manufacturers.
Volvo has been vocal about its goal to transition to 100% electric vehicles by 2030. However, in September, the company slightly adjusted its target, aiming for 90% to 100% electric sales by the end of the decade.
The announcement of record sales and strong EV growth was well-received by investors. Volvo’s shares rose 1.45% in early trading on the Stockholm Stock Exchange following the news, reflecting confidence in the company’s long-term strategy and ability to capitalize on the growing demand for electric vehicles.
Looking ahead, Volvo plans to further expand its electric lineup and strengthen its presence in key markets. The company is expected to continue investing in EV infrastructure and new technologies to solidify its position as a leader in sustainable automotive solutions.
