Volvo Cars set a new global sales record of 708,716 cars in 2023, an increase of 15 percent compared to 2022.

Volvo also saw a significant increase in sales of its electrified cars with 113,419 fully electric cars sold in 2023, an increase of 70 percent compared to 2022, and 152,561 plug-in hybrid cars, a 10 percent increase. Sales of fully electric cars accounted for 16 percent of all Volvos sold globally during 2023.

European sales reached 294,794 cars, an increase of 19 percent compared to 2022. The Recharge line-up, with a fully electric or plug-in hybrid powertrain, accounted for 59 percent of all the cars sold in the region.

U.S. sales amounted to 128,701 cars, up 26 percent compared to 2022. The number Recharge cars increased by 28 percent and accounted for 28 percent of all cars sold.

Sales in China grew 5 percent compared to 2022, resulting in 170,091 sold cars. Overall, sales of Recharge cars grew 26 percent.

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