Volvo Cars reached a new global annual sales record in 2024, with sales up by 8% over 2023.
The company sold 763,389 cars last year, and saw electric vehicle sales increase significantly.
“Sales of electrified models accounted for 46 per cent of all Volvo cars sold globally during 2024,” according to Volvo.
Fully electric vehicle sales increased by 54% compared to 2023, with 175,194 being sold. Volvo reported selling 177,593 plug-in hybrids, up 16% from the previous year.
Volvo reported December sales of 73,804, down 3% year-over-year.
Sales in Europe increased by 25%, with 369,685 vehicles sold. Electric vehicles represented 65% of Volvo’s sales in the region.
The company’s sales in the United States declined by 3%. Volvo also saw sales decrease by 8% in China. Chinese companies now account for 80% of global plug-in hybrid sales, according to TrendForce.
Volvo’s best-selling model in 2024 was the XC60, a plug-in hybrid mid-size SUV. The company reported 230,853 XC60s were sold worldwide.
While Volvo originally planned to only sell electric vehicles by 2030, it revised this goal in September. It now aims for 90% of its sales to be electric cars or plug-in hybrids by the end of the decade.
Volvo’s full financial results for 2024 will be released on January 29.
Volvo’s (STO: VOLV-B) class B share price closed at SE285.10 kr, up from its previous close at 268.70 kr. Its market capitalisation is 546.6 billion kr.