Volvo’s most inexpensive EV is already having a serious affect on the model. Regardless of the EX30’s success, Volvo Automobiles is reducing its gross sales development forecast for the yr.
“Our journey in the direction of 2026 won’t be linear, as our business is going through an more and more unstable atmosphere,” Volvo Automobiles CEO Jim Rowan stated on Wednesday.
Volvo topped third-quarter estimates, reporting an working revenue of almost $550 million (SEK 5.8 billion), up 29% from the $425 million (SEK 4.5 billion) in Q3 2023.
The expansion was primarily as a result of Volvo’s gross sales outpacing premium rivals. Volvo Automobiles offered 172,849 automobiles in Q3, up 3% from final yr. Electrified fashions, together with totally electrical (EV) and plug-in hybrids (PHEVs), accounted for 48% of complete gross sales. All-electric automobile share reached 25%.
Volvo stated it had the best electrified share amongst premium automakers in Europe. The corporate gross sales in Europe are up 10% by the primary 9 months of 2024.
Volvo’s smallest and most cost-effective EV, the EX30, “remained among the many best-selling EVs in Europe.” In response to the newest figures from market researcher Dataforce (through Automotive Information), the EX30 was the driving pressure behind Volvo’s gross sales surging 24% in Europe final month.
Volvo cuts development outlook regardless of surging EX30 gross sales
The expansion boosted Volvo from 19 in Europe to fifteen total in September. Volvo offered over 5,600 extra automobiles final month than in September 2023.
Volvo offered over 9,600 EX30 fashions in September, making it its third best-selling automobile behind the XC60 (18,096) and XC40/EX40 (13,930).
Regardless of its success in Europe, Volvo expects to see decrease total gross sales development this yr. Volvo anticipates gross sales to develop between 7% and eight% in 2024, down from the earlier 12% to fifteen% forecast.
Volvo cited slowing gross sales and lower-priced rivals within the US and China for the decrease steering. The corporate, which is majority-owned by China’s Geely, can be getting ready for brand new EU and US tariffs on Chinese language imports.
The corporate confirmed plans to start constructing EX30 fashions at its Ghent plant in Belgium within the first half of 2025.
As output ramps up, Volvo will launch the EX30 within the US later subsequent yr. Beginning at $34,950, Volvo’s compact electrical SUV can be among the many most inexpensive EV choices in the marketplace.
It is going to be obtainable in Single and Twin Motor Efficiency (AWD) powertrains. The previous will get as much as 275 miles vary, whereas the latter Efficiency mannequin can be Volvo’s quickest automobile with a 0 to 60 mph dash in 3.4 seconds. Volvo calls the EX30 a “cornerstone” of its EV technique.
Volvo nonetheless expects to outpace premium rivals with the three-row EX90 electrical SUV (see our evaluate) additionally rolling out within the US and the luxurious EM90 minivan in China.
The corporate additionally just lately backtracked on its 100% EV gross sales pledge by 2030. Volvo now expects 90% to 100% of world gross sales to be EV or PHEV by 2030. By 2025, Volvo goals for a 50% to 60% electrified gross sales share.
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