Volvo is the most current car company to say that hybrid sales will be strong through the first quarter of 2024, even though demand for electric vehicles is falling in the US. The Swedish company’s huge sales jump from one year to the next, which is 17 percent, is thanks to hybrids.
Up until the end of March, Volvo plug-in hybrid cars were very popular. These versions showed a 44% rise at the time, with 7,118 units sold. Mild blends led the jump in sales, with 8,088 sold, a 5% increase. But sales of EVs have dropped sharply. In the first three months of 2024, only 970 all-electric Volvos were sold, which is 65% less than the total of 2,782 units sold the previous year.
In the US, Volvo has a line of all-electric cars, with most of them being plug-in hybrids. Plug-ins can only be used with the XC40 and V90 Cross Country. All of Volvo’s high-end SUVs are electric, including the EX30, XC40 Recharge, C40 Recharge, and EX90. In March, 4,048 XC90s were sold, more than any other type.
Volvo’s report on the first quarter may give us the full picture of current consumer trends in the US. However, it’s not the first car company to say that sales of hybrids have been strong this year. Ford said that hybrid sales broke records, mostly because the Maverick hybrid’s sales went up by 77 percent. Toyota, on the other hand, said that Prius sales were good. Ford said that 20,223 EVs were sold, which is a rise of 86% in EV sales. It will be interesting to see how Q2 EV sales go at the Blue Oval. Because of too many EVs on the market, Ford has had to limit the production of the Mach-E and Lightning while also making incentives more attractive.
Hyundai might be different. The South Korean brand said that sales of electric vehicles had gone up significantly in the first three months of this year. Many people choose the Ioniq 5, but it’s also important to note that Tucson’s hybrid and plug-in hybrid price levels set a sales record. With 25,255 units sold, the Hyundai Palisade also broke the company’s previous record for EV sales. We’re talking about a lot of sales here.
Also, things seem to be different in Europe. In the first quarter, Volvo sold 31,237 all-electric cars, which suggests that demand for EVs may be falling slower than it was. In comparison, sales of plug-in hybrids went down by 2% during the same period, but this number went up by 48%.
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