Volvo sets record sales in 2023, electric vehicles up by 70%

According to Motor1, Volvo achieved its highest revenue ever with 708,716 vehicles sold in 2023, a 15% increase compared to 2022. The best-selling model for the company was the XC60, reaching a sales figure of 228,646 units (up from 195,338 units in 2022). Following the XC60 were the XC40 (200,670 units) and the XC90 (107,549 units), both of which experienced significant sales growth compared to the previous year.

Volvo’s recent business strategies have been focused on electric vehicles, and this has proven to be effective, with a 70% increase in sales in this category. In 2023, Volvo sold 113,419 electric vehicles, accounting for 16% of total sales. Additionally, the number of PHEV vehicles also increased by 10% last year.

Despite SUVs dominating the automotive market in 2023, leading to the discontinuation of production for several mid-size and large sedans such as the S60, V60, and V90 in the United Kingdom, Volvo remains committed to developing a wide range of sedans and wagons. The company is also focused on diversifying the vehicle lineup by introducing the all-electric ES90 sedan and the EM90 electric MPV.

Volvo has committed to ending the production of diesel-powered vehicles by early 2024. Although the company has introduced the EX90, the older XC90 model with internal combustion engine continues to coexist at present. The release of new models like the affordable electric vehicle, the EX30, is expected to drive Volvo’s sales numbers to 1.2 million units by 2025.

Thái Sơn (Tuoitrethudo)

Reference: Motor1