Volvo’s most reasonably priced EV is already having a significant influence on the model. Regardless of the EX30’s success, Volvo Automobiles is reducing its gross sales progress forecast for the yr.
“Our journey in the direction of 2026 won’t be linear, as our trade is going through an more and more risky surroundings,” Volvo Automobiles CEO Jim Rowan mentioned on Wednesday.
Volvo topped third-quarter estimates, reporting an working revenue of practically $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 consequence of Volvo’s gross sales outpacing premium rivals. Volvo Automobiles bought 172,849 autos in Q3, up 3% from final yr. Electrified fashions, together with absolutely electrical (EV) and plug-in hybrids (PHEVs), accounted for 48% of complete gross sales. All-electric automobile share reached 25%.
Volvo mentioned it had the very best electrified share amongst premium automakers in Europe. The corporate gross sales in Europe are up 10% by way of 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 keeping with the most recent 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 progress outlook regardless of surging EX30 gross sales
The expansion boosted Volvo from 19 in Europe to fifteen total in September. Volvo bought over 5,600 extra autos final month than in September 2023.
Volvo bought 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 progress 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 steerage. The corporate, which is majority-owned by China’s Geely, can be getting ready for brand spanking 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 reasonably priced EV choices in the marketplace.
It will likely be out there 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 evaluation) additionally rolling out within the US and the luxurious EM90 minivan in China.
The corporate additionally not too long ago backtracked on its 100% EV gross sales pledge by 2030. Volvo now expects 90% to 100% of worldwide 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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