Volvo Cars, the Swedish luxury car manufacturer, has reported a record-breaking sales figure for the month of February 2023. According to the company, it sold 51,286 cars during the month, representing a 22% increase compared to the same month last year.
The sales growth was mainly driven by the company’s Recharge line up of fully electric and plug-in hybrid cars, which accounted for 40% of all Volvo cars sold globally in February. The strong sales performance of the Recharge models contributed to a 49% increase in Recharge sales compared to the same period last year.
The US market was a particular standout for Volvo Cars, with sales rising by 38% compared to February last year. This strong performance was led by Volvo’s SUV range but was also due to lower production in February 2022 on the back of supply chain constraints. Recharge cars accounted for 29% of Volvo’s sales in the US during the month.
China was another region that contributed significantly to the sales growth, with sales reaching 13,066 cars, up 50% compared to February last year. While the timing of the Lunar New Year played a part in the strong growth, Recharge models still accounted for 9% of total sales for the month.
In Europe, sales reached 21,278 cars, up 9% compared to the same period last year. The share of Recharge cars was even higher in Europe, reaching 64%. The top-selling model for the month was the XC60, with sales of 16,088 cars.
Overall, the sales performance of Volvo Cars in February 2023 was positive, with the Recharge line up of electric and plug-in hybrid cars driving strong growth across all regions. Fully electric car sales also increased significantly, rising by 187% compared to the same month last year and accounting for 19% of total sales in February. With a range of new Recharge models planned for release in the coming months, Volvo Cars is well-positioned to maintain this momentum in the electric car market.