Volvo Cars reported that its line-up of electrified models, with a fully electric or plug-in hybrid powertrain, grew by 24% compared to the same period last year resulting in 33,558 sold cars, which made up a 42% share of all cars sold globally. Fully electric cars constituted 23% of all cars sold during March.

It also reported total sales of 78,970 cars in March, an increase of 25% compared to the same month last year, and an all-time high for global sales during a single month. Volvo Cars said its new fully electric SUV, the EX30, contributed to the sales growth, as well as a strong sales performance in Europe and the US. Total sales for the first quarter of 2024 amounted to 182,687 cars sold globally, an increase of 12% compared to the same period last year.

Specifically in the U.S., sales of Volvo cars reached 15,315 cars which is an increase of 50% compared to March 2023. Sales of electrified cars grew by 25% compared to the same period last year and accounted for 24% of all cars sold in the US.

“These numbers reflect the strength of our strategy and product diversity – offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix,” Björn Annwall, Volvo Cars’ chief commercial officer and deputy CEO, said. “We are making good progress towards our annual sales target of at least 15% growth and in the months ahead we will focus on ramping up sales of our EX30.”

For March 2024, Volvo Cars said the Volvo XC60 remained the top-selling model with sales reaching 22,402 cars (2023: 18,090 cars), followed by the XC40 with total sales of 20,557 cars (2023: 20,556 cars) and XC90 at 10,826 cars (2023: 9,828 cars).