Volvo Sets New Global Sales Record in 2023 at 708,718 Units

Volvo has set a new global sales record of 708,718 units delivered in 2023, with the XC60 SUV being its best-selling model globally.

Volvo has recorded a successful 2023, as the Swedish marque sets up a new global sales record with 708,718 units sold in total. This figure shows a 15% increase in sales volume from last year’s total sales volume, which charted at only 615,121 units.

As expected, Europe remains the best-performing market for Volvo, with a total of 294,794 Volvos sold on the Old Continent last year. This is followed by China at 170,091 units, as well as the US market at 128,701 units – the latter market saw the largest increase in sales of 26% from last year.

Surprisingly, EVs only make about 16% of Volvo's total sales volume last year

Of the total 708,718 units sold last year, electric vehicles (EVs) only accounted for 16%, with only 113,419 units delivered globally. While this figure saw a significant increase of 70% from last year’s EV sales figure, this number is still far-off Volvo’s target of having 50% of its total sales volume come from EVs by 2025. That being said, we can expect this figure to go up for 2024, thanks to Volvo’s new EV fleet comprising the EX90, EX30, EM90 MPV, plus the upcoming ES90 sedan.

Moving on to the semi-electrified models, Volvo has managed to deliver a total of 152,561 plug-in hybrids (PHEVs) in 2023 – a small increase of 10% compared to the 2022 sales volume. Together with their EVs, Volvo’s new energy vehicles (NEVs) have accounted for 38% of its annual sales volume in 2023.

As for model-specific performance, the XC60 C-segment SUV remains the marque’s best-performing model in 2023, with a total of 228,646 units sold last year – a 17% increase over 2022’s sales figure. This is followed by the XC40 at 200,670 units and the XC90 at 107,549. Surprisingly, Volvo’s sedan lineup also saw an increase in sales in 2023, with the S90 selling up to 49,283 units (15% increase from 2022), while the S60 was capped at 40,153 units, or a 2% increase compared to 2022.

Unfortunately, things aren’t looking too bright for Volvo’s estate lineup, with both the V60 and V90 experiencing a downward trend in sales at 5% (30,438 units) and 4% (14,224 units), respectively. Aside from the declining global trend for wagons, Volvo’s decision to discontinue its estate lineup in key markets like the UK has also led to this downward trend.