Volvo is bucking the industry trend with strong sales growth and a significant increase in EV adoption. While many automakers are facing declining sales and slower EV uptake, Volvo Cars, a brand of the Geely Group, is reporting impressive gains. In October alone, Volvo achieved 61,686 global sales, marking a 3% increase from last year. Year-to-date figures are even stronger, with sales up 9% to nearly 623,000 units in the first ten months of 2024. Electric vehicles are a major driver of this growth. Volvo's EV sales have surged by 61% to almost 147,000 units, meaning nearly one in four Volvos sold globally is now electric. Plug-in hybrids have also gained traction, with a 13% increase to 140,000 units. By contrast, sales of mild hybrids and combustion engines declined by 5% to 336,000 units. Europe remains Volvo's largest and fastest-growing market, where sales rose 21% in October and an impressive 30% year-to-date. EV sales in Europe doubled, reaching just over 113,000 units, positioning Volvo to meet the EU’s stricter 2025 CO2 limits. Meanwhile, U.S. sales saw a modest decline of 4%, totaling just under 99,000 units, while sales in China fell 9% to 127,000 units. Volvo's strong focus on electrification and sustainable growth is setting it apart in a challenging industry landscape. #VolvoCars #ElectricVehicles #Automotive #Sustainability #EVGrowth
Circle Link’s Post
More Relevant Posts
-
Volvo's Electric Vehicle Sales Soar in May, Despite Dips in US and China Volvo Cars reported a 13% increase in global sales for May 2024, reaching 68,034 units. Reuters reports that the growth was primarily driven by a 27% surge in Europe and the strong performance of the fully electric EX30 model. However, sales in the United States and China experienced slight declines of 5% and 1%, respectively. Electric and Hybrid Models Dominate Sales The Swedish automaker, majority-owned by China’s Geely Holding, saw a significant 37% rise in sales of fully electric and plug-in hybrid models. These eco-friendly vehicles now account for an impressive 48% of Volvo Cars’ global sales. In a statement, […] by Haye Kesteloo #ev #China #Europe #GM #Make #Tesla #UnitedStates #Volvo
-
🚗 Volvo Cars Reports Positive Sales Growth Amid Market Challenges! 🌍 Today, Volvo announced global sales of 61,686 units, reflecting a 3% year-over-year increase. While sales dipped in the U.S. and China, strong demand for electric vehicles (EVs) in Europe drove impressive results. Volvo saw a 40% boost in sales of electrified models, which now account for 48% of all sales in October. Notably, the company’s EV sales surged by 46% compared to last year, with plug-in hybrids leading the way in the U.S. with a 67% increase. Despite challenges in key markets, Volvo’s focus on electrification aligns perfectly with its long-term goal of becoming a fully electric brand. The future looks bright for Volvo as it positions itself as a leader in sustainable mobility! #Volvo #ElectricVehicles #SustainableMobility #AutomotiveIndustry #SalesGrowth
-
-
Senior Advisor | Mentor | Investor | Automotive | Manufacturing | Start-Ups | GenAI | knowdroids.ai
🚗 Volvo's May Sales Zoom 13%, Fueled by Europe's 27% Growth🌍 💥 EX30 EV and Electrified Models (+37%) drive nearly half of global sales 🔋 But U.S. (-5%) & China (-1%) dip as Volvo targets 15%+ Growth in 2024 📈 https://lnkd.in/eTJFjbhn #Volvo #EVs #AutoSales #EX30 #ElectricVehicles
Volvo's May sales rise 13% on EV boost
europe.autonews.com
-
Sales growth of EVs have slowed globally mainly owing to a lack of affordable offerings with battery-powered cars costing about 20 to 30 per cent higher than vehicles with conventional petrol engines.
Volvo ditches pledge to sell only electric cars by 2030
irishtimes.com
-
AUTOMOTIVE INDUSTRY: GLOBAL OEM FORD HAS RELEASED Q3 2024 RESULTS: STABLE UNIT SALES, GROWTH IN SALES REVENUE, SIGNFICANTLY DECLINED NET PROFIT, FORD's EV BUSINESS IS STILL LOSS-MAKING. Q3 2024 Unit Sales: 1,095k vehicles or +0.8%% vs Q3 2023 YTD 2024 Unit Sales: 3,282k vehicles or +0.6% vs YTD 2023 Q3 2024 Sales Revenue: $46.2B or +5.5% vs Q3 2023 YTD 2024 Sales Revenue: $136.8B or +5.1% vs YTD 2023 Q3 2024 Net Profit: $892M or -25.6 vs Q3 2023 YTD 2024 Net Profit: $4.055B or -16.8% vs YTD 2023 Below is Ford Motor Company's Q3 results presentation with additional analysis and an updated 2024 outlook. We also learn that in Q3, Ford sold 32k EVs which generated a -$1.224B net loss. #ev #evs #bev #bevs #electricvehicle #electricvehicles #electricmobility #emobility #greenmobility #sustainablemobility #urbanmobility #smartmobility #futuremobility #newmobility #mobility #automotive #automotiveengineering #automotivetechnology #automotiveindustry #commercialvehicle #commercialvehicles #van #vans #stepvan #deliveryvan #electricvan #lastmile #lastmiledelivery #lastmilelogistics #fleet #fleets #market #innovation #technology #emissions #emissionscontrol #emissionsreduction #zeroemissions #zev #decarbonization #outlook #2024outlook #ford #fordmotorcorporation #fomoco #fordpro #lincoln #fordmodele #fordblue
-
AUTOMOTIVE INDUSTRY: GLOBAL OEM FORD HAS RELEASED Q3 2024 RESULTS: STABLE UNIT SALES, GROWTH IN SALES REVENUE, SIGNFICANTLY DECLINED NET PROFIT, FORD's EV BUSINESS IS STILL LOSS-MAKING. Q3 2024 Unit Sales: 1,095k vehicles or +0.8%% vs Q3 2023 YTD 2024 Unit Sales: 3,282k vehicles or +0.6% vs YTD 2023 Q3 2024 Sales Revenue: $46.2B or +5.5% vs Q3 2023 YTD 2024 Sales Revenue: $136.8B or +5.1% vs YTD 2023 Q3 2024 Net Profit: $892M or -25.6 vs Q3 2023 YTD 2024 Net Profit: $4.055B or -16.8% vs YTD 2023 Below is Ford Motor Company's Q3 results presentation with additional analysis and an updated 2024 outlook. We also learn that in Q3, Ford sold 32k EVs which generated a -$1.224B net loss. #ev #evs #bev #bevs #electricvehicle #electricvehicles #electricmobility #emobility #greenmobility #sustainablemobility #urbanmobility #smartmobility #futuremobility #newmobility #mobility #automotive #automotiveengineering #automotivetechnology #automotiveindustry #commercialvehicle #commercialvehicles #van #vans #stepvan #deliveryvan #electricvan #lastmile #lastmiledelivery #lastmilelogistics #fleet #fleets #market #innovation #technology #emissions #emissionscontrol #emissionsreduction #zeroemissions #zev #decarbonization #outlook #2024outlook #ford #fordmotorcorporation #fomoco #fordpro #lincoln #fordmodele #fordblue
-
Product Management Executive | AI/ML & IoT Innovator | Driving Market Leadership in Renewable Energy & Cybersecurity | Expertise in Strategic Vision, Cross-Functional Team Leadership, and Data-Driven Product Development
Russ Bates, this is a compelling analysis of the current landscape in the auto industry. The surge in EV sales indeed signals a significant shift, reflecting growing consumer demand for sustainable transportation. It's fascinating to see how traditional automakers are grappling with this transition. The pressure on companies like Stellantis and Ford highlights the complex balance between maintaining profitability and advancing into the EV market. It's clear that the future of the auto industry hinges on innovation and adaptability.
Founder at NXTGEN Clean Energy Solutions |Sustainability Consulting + Solar + Wind + Battery Storage + Electric Vehicle Charging + Solar Light Poles | Helping businesses improve the bottom line and the environment
EV Sales Are Surging While Traditional Automakers Struggle The transition to electric vehicles (EVs) is reshaping the global auto market, with EV sales projected to continue growing in 2024. The largest markets are in China, the U.S., and Europe. According to Rho Motion's June 2024 report, over 5 million EVs were purchased globally from January to May, marking a 20% increase compared to the same period in 2023!!! Balancing the production of traditional vehicles while ramping up EV manufacturing is proving challenging for many automakers. Carlos Tavares of Stellantis stated, “If they don’t make money, we’ll shut them down,” referring to the shutdown of traditional ICE (internal combustion engine) lines after the automaker delivered disappointing financial results for the first half of 2024. This led to a 12.5% drop in Stellantis shares, hitting their lowest since August 2023. In the U.S., Ford Motor Company led a decline in major automotive stocks with a significant 18.4% drop, the worst daily decline since 2008. General Motors, despite beating analysts' estimates and raising its guidance for the year, saw its stock fall by 8.6% due to concerns about growth slowdowns and delayed EV rollouts, including the Silverado EV. The EV revolution is undeniably reshaping the auto industry. The path forward will require resilience and adaptation as automakers navigate this transformative period. #electricvehicles #carsales #cleanenergytransition #nxtgen Adam J. Seaman Sara Griffin Mark A. Vogel Steve Carr Nikki Miller Sam Evans-Brown Braylie Manson Buzz Smith "The EVangelist" NXTGEN Clean Energy Solutions
-
-
Founder at NXTGEN Clean Energy Solutions |Sustainability Consulting + Solar + Wind + Battery Storage + Electric Vehicle Charging + Solar Light Poles | Helping businesses improve the bottom line and the environment
EV Sales Are Surging While Traditional Automakers Struggle The transition to electric vehicles (EVs) is reshaping the global auto market, with EV sales projected to continue growing in 2024. The largest markets are in China, the U.S., and Europe. According to Rho Motion's June 2024 report, over 5 million EVs were purchased globally from January to May, marking a 20% increase compared to the same period in 2023!!! Balancing the production of traditional vehicles while ramping up EV manufacturing is proving challenging for many automakers. Carlos Tavares of Stellantis stated, “If they don’t make money, we’ll shut them down,” referring to the shutdown of traditional ICE (internal combustion engine) lines after the automaker delivered disappointing financial results for the first half of 2024. This led to a 12.5% drop in Stellantis shares, hitting their lowest since August 2023. In the U.S., Ford Motor Company led a decline in major automotive stocks with a significant 18.4% drop, the worst daily decline since 2008. General Motors, despite beating analysts' estimates and raising its guidance for the year, saw its stock fall by 8.6% due to concerns about growth slowdowns and delayed EV rollouts, including the Silverado EV. The EV revolution is undeniably reshaping the auto industry. The path forward will require resilience and adaptation as automakers navigate this transformative period. #electricvehicles #carsales #cleanenergytransition #nxtgen Adam J. Seaman Sara Griffin Mark A. Vogel Steve Carr Nikki Miller Sam Evans-Brown Braylie Manson Buzz Smith "The EVangelist" NXTGEN Clean Energy Solutions
-
-
In September, over 60% of electric vehicles (EVs) sold globally were in China, totaling nearly 1.1 million out of a record 1.7 million. This represents a 31% increase from the same month last year. Worldwide EV sales reached 11.5 million in the first nine months of 2024, a 20% growth compared to 2023. Notably, sales in China surged by 35% to 7.2 million, while Europe and the UK saw a 4% decline to 2.2 million. China's EV market growth is driven by local brands like BYD, which are offering affordable and advanced vehicles. The BYD Seagull, priced at 69,800 yuan ($7,500) with a range of 190 miles, has become the best-selling model. Charles Lester from Rho Motion emphasized that the sales figures provide renewed optimism for the automotive sector, particularly as Europe has faced significant slowdowns. In Europe, EV sales plummeted, with Germany experiencing a 70% drop and France a 33% decline in August. Total EV registrations in Europe fell by 43.9% year-on-year to 92,627 units. While the UK recorded a monthly sales high of 56,362 EVs in September, it still trails behind government targets for the upcoming year. #MotiveAsia #China https://lnkd.in/gK_-4RHS
The country buying up six in 10 electric cars – as German sales plunge
telegraph.co.uk
-
"A great challenge of life: Knowing enough to think you're doing it right, but not enough to know you're doing it wrong."
Bad news for peak car proponents. And Tesla. "Global sales — including that of subsidiaries Hino Motors Ltd. and Daihatsu Motor Co. — rose 12% from a year earlier to 986,262 units, the most ever for the month of November, the company said Wednesday. Worldwide production reached an all-time high at 1,067,446 units." "Toyota said its hybrid sales rose 52% in November, while battery EV sales increased by 227%." "Nissan’s production rose 27% year-on-year to 317,233 units in November, including an 83% increase in China to more than 88,000. Global sales climbed 24%." "Honda’s global production rose 27% 414,429 units, rising most prominently in North America and China. Domestic sales rose 13% to 58,263 units, it said Wednesday."
Toyota Saw Record Sales, Output in November on Demand Abroad
bloomberg.com
