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Volvo’s EV sales increase over 7 percent in 2022

Credit: Volvo

Volvo Cars reported its electric vehicle sales share increased by 7.1 percent in 2022 compared to 2021.

In 2022, Volvo sold 615,121 cars for the full year, which was a 12 percent decrease compared to 2021. However, EV sales increased to 10.9 percent of Volvo’s total sales for the year, a significant increase from the 3.7 percent share of EVs the automaker reported in 2021.

Volvo sold 66,749 fully electric vehicles in 2022, a 159.5 percent increase from the only 25,727 EVs it sold the year prior. It sold 45,690 of the 66,749 EVs in 2022 in the European market, making up for a vast majority of Volvo’s total fully electric sales.

‘Other’ markets, which include any region that isn’t the U.S., China, or Europe, was second, with 10,752 units sold. The United States was third with 7,308 units, and Chinese customers bought 2,999 EVs from Volvo last year.

A great performance capped off a strong 2022 from Volvo’s EV side in December for ‘Recharge’ cars, which include both Pure Electric and Plug-in Hybrid vehicles. These vehicles accounted for 43.8 percent of Volvo’s sales in December.

However, the number of pure EVs bought by Volvo customers in December is also striking, as 20.1 percent of the company’s global sales during the final month of the year were fully electric.

Volvo’s strengths as an automaker in safety and technology have evidently translated to strong consumer demand for its EVs. The company, along with Geely Motors of China, also owns Polestar, another up-and-coming EV brand that has become a mainstream name in the sector.

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Volvo’s EV sales increase over 7 percent in 2022
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