Volvo Cars reported that it achieved its highest-ever share of electrified models in February – both in fully electric and plug-in hybrids combined. It also reported sales of 50,315 cars in February, a decline of 2% compared with the same month last year. The company said the main reason for the decline is the timing of the Lunar New Year in China. Volvo said its record high in electrified shares was mainly driven by the ramp-up of the company’s new fully electric small SUV, the EX30. Fully electric cars constituted 22% of all cars sold globally during the month, while the combined sales of fully electric cars and plug-in hybrids accounted for 44%.

Sales of cars with a fully electric or plug-in hybrid powertrain increased by 18%, while sales of fully electric cars increased by 31%, compared to February last year. In the US, sales of cars with a fully electric or plug-in hybrid powertrain grew by 6% compared to February 2023, and accounted for 32% of all cars sold in the US.

In December 2023, Volvo Cars introduced its latest addition to the fully electric family, the EX30. During the first two months of 2024, a total of 5,863 EX30s have been sold and deliveries to customers have started in Europe, Japan and Brazil with more markets following in the coming weeks.