Volvo electric figures dramatically rising

The Volvo XC-40 Recharge plug-in hybrid is a popular model for the brand. Photo: Volvo Cars

Volvo Cars is on track to have 20 per cent of its global sales being of an electrified variety, despite the Covid pandemic affecting production.

Globally in the first six months of this year, its Recharge plug-in hybrid range accounted for 14 percent of sales, with 79 per cent of Volvo’s global sales in this period were in Europe. The hybrid sales represented 37,775 sales over the previous year‘s figure of 21,015 vehicles.

Volvo Chief Executive Hakan Samuelsson says the pandemic has not altered the Swedish brand’s electric targets and if anything he sees higher than expected demand on the horizon.

“The downturn we saw in the first half is a temporary one,” said Samuelsson. “We expect to see a strong recovery in the second half of the year and our Recharge range of electrified cars puts us in a strong position to meet the emerging trends we are seeing.”

Volvo Cars is the only car maker to offer a plug-in hybrid variant on every model in its portfolio. Later this year, it will start production of the XC40 P8 Recharge, the company’s first fully electric model and the first of several fully electric models to be launched in coming years.

“If the market recovers as we expect, we anticipate sales volumes to return to the levels we saw in the second half of 2019 and it is our ambition return to similar profit levels and cash flow,” said Samuelsson.