Sales of Volvo Cars' Recharge models with a fully electric or plug-in hybrid powertrain reached 19,171 cars for the month of January. Recharge cars accounted for 36 per cent of all cars sold globally, while the share of fully electric cars was 17 per cent. 

Sales in Europe grew 8 per cent compared to January 2023, reaching 23,141 sold cars. Volvo Cars' Recharge lineup accounted for 60 per cent of all cars sold in the region during the month. The share of fully electric cars reached 32 per cent. 

In China sales reached 16,042 cars, an increase of 36 per cent compared to the same period last year. Sales of Recharge cars resulted in 989 cars, a decrease of 21 per cent compared to the same period last year.

Sales in the US reached 7,716 cars, with Recharge cars accounting for 24 per cent of all cars sold during the period.

For January the Volvo XC60 was the top-selling model with sales reaching 18,011 cars (2023: 16,016 cars), followed by the XC40, with total sales of 12,628 cars (2023: 14,038 cars), and XC90 at 8,167 cars (2023: 7,438 cars).

January January
2024 2023 Change

Europe 23,141 21,436 8%
Recharge 13,830 12,820 8%
- Fully electric 7,471 5,337 40%
- Plug-in hybrid 6,359 7,483 -15%

China 16,042 11,783 36%
Recharge 989 1,258 -21%
- Fully electric 161 319 -50%
- Plug-in hybrid 828 939 -12%

US 7,716 7,693 0%
Recharge 1,875 2,370 -21%
- Fully electric 260 771 -66%
- Plug-in hybrid 1,615 1,599 1%

Other 6,503 7,608 -15%
Recharge 2,477 3,294 -25%
- Fully electric 1,334 1,447 -8%
- Plug-in hybrid 1,143 1,847 -38%

Total 53,402 48,520 10%
Recharge 19,171 19,742 -3%
- Fully electric 9,226 7,874 17%
- Plug-in hybrid 9,945 11,868 -16%

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Volvo Cars in 2023
For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 cars.

About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker "VOLCAR B".

"For life. To give people the freedom to move in a personal, sustainable and safe way." This purpose is reflected in Volvo Cars' ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.

As of December 2023, Volvo Cars employed approximately 43,400 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg and Shanghai (China).