Volvo EV sales more than double on year in Jan-Sept, hybrid sales fall

Automaker Volvo Cars sold 128,575 rechargeable vehicles in the first nine months of 2022, down 2.7% year on year, it said Oct. 4.

The total included 32,369 full electric vehicles, or EVs, up 110% year on year, while plug-in hybrid sales dropped 17.5% to 96,206 units.

“Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars,” Volvo said.

Total vehicles sales for the January-September period were 428,987 units, down 19% year on year.

In Europe, Volvo’s largest market, 81,314 rechargeable vehicles were sold over the nine-month period, down 11.6% year on year, including 20,574 EVs, up 108.2% year on year, and 60,740 plug-in hybrid sales, down 26%.

Total vehicle sales in Europe for January-September fell 25% to 166,016 units, sales in China dropped 11% to 117,744 vehicles and sales in the US decreased 24% to 72,216 units.

In China, rechargeable vehicles sales for the period rose 15% year on year to 8,251 units, including 1,945 EVs, up 321% year on year, and 6,306 hybrids, down 5.9%.

Volvo’s rechargeable vehicle sales in the US also climbed 21% year on year to19,415 units, including 4,265 EVs, down 3.5%, and 15,150 hybrids, up 31%.

Increased demand for EVs has driven up battery metal prices, with Platts seaborne lithium carbonate and lithium hydroxide assessments surging 120% and 149%, respectively, since the start of 2022 to $74,500/mt CIF North Asia and $79,000/mt CIF North Asia as of Oct. 3, S&P Global Commodity Insights data showed.

— Jacqueline Holman