Record year for Volvo sales in 2023

With a new global sales record in 2023, Volvo Cars is showing that its strong commitment to electrification is proving to be right. During 2023, the Swedish carmaker sold 708,716 vehicles, an increase of 15% compared to the full year of 2022.

It was only 4 years ago that Volvo crossed the 700,000-unit level for the first time and perhaps if not for the pandemic and component supply issues that followed, it might have registered greater numbers.

There was a significant increase in sales for its electrified cars – 113,419 fully electric units and 152,561 plug-in hybrids – an increase of 70% for the former and 10% for the latter, compared to 2022. Globally, sales of fully electric models like the XC40 Recharge and C40 Recharge accounted for 16% of all Volvo vehicles sold during 2023.

By region, the European market took the largest volume of 294,794 units (41.6%), an increase of 19% compared to 2022. The brand’s line-up of electrified accounted for 59% of all the vehicles sold in the region last year.

Sales in China, where Volvo also makes some models, grew 5% compared to 2022. Of the 170,091 vehicles sold there during 2023, Recharge models grew by 26%

Sales in the USA also grew, by 26% to 128,701 units, with Recharge models accounting for 28% of the total volume.

Other markets which took the remainder of 115,130 units saw the Recharge model volume rise by 14%, with an almost equal number of fully electric and hybrid models being sold.

For 2023, the XC60 was the top-selling model with sales reaching 228,646 units (2022: 195,338 cars), followed by the XC40, with total sales of 200,670 units (2022: 169,206 cars), and the XC90 at 107,549 units (2022: 97,130 cars).