Volvo statistics span two separate reporting entities: Volvo Cars, which reports retail car sales, and Volvo Group, which includes trucks, construction equipment, buses, services and related businesses. In 2024, Volvo Cars sold 763,389 cars worldwide, while Volvo Group reported SEK 526.8 billion in net sales.
Key Volvo Statistics
The following figures summarize the most useful Volvo measurements across sales, electrification, regions, models and corporate performance:
- In 2024, Volvo Cars sold 763,389 cars worldwide, up 8% from 708,716 in 2023.
- In 2024, Volvo Cars sold 175,194 fully electric cars globally, up 54% from 2023.
- In 2024, fully electric cars represented 23% of Volvo Cars global sales.
- In 2024, Volvo Cars sold 177,593 plug-in hybrids worldwide, up 16% from 2023.
- In 2024, electrified Volvo Cars models totaled 352,787 global sales, combining fully electric and plug-in hybrid cars.
- In 2024, electrified models represented 46% of Volvo Cars global sales.
- In 2024, Europe accounted for 369,685 Volvo Cars sales, up 25% from 2023.
- In 2024, electrified models represented 65% of Volvo Cars sales in Europe.
- In 2024, China sales were 156,370 Volvo Cars, down 8% from 2023.
- In 2024, United States sales were 125,243 Volvo Cars, down 3% from 2023.
- In 2024, US electrified-model sales were 42,902 cars, representing 34% of US Volvo Cars sales.
- In 2024, the Volvo XC60 was the top-selling model with 230,853 cars globally.
- In 2024, the XC40/EX40 line sold 173,890 cars globally.
- In 2024, Volvo Cars reported SEK 400.234 billion in revenue.
- In 2024, Volvo Cars reported SEK 22.318 billion in EBIT.
- In 2024, Volvo Cars research-and-development expense was SEK 16.983 billion.
- In 2024, Volvo Group net sales were SEK 526.8 billion, down 3% on a currency-adjusted basis.
- In 2024, Volvo Group adjusted operating income was SEK 65.7 billion.
Contents
- Volvo Cars sales statistics and company scale
- Volvo electric and plug-in hybrid statistics
- Regional Volvo sales data and electrification trends
- Volvo SUV model sales statistics
- Volvo Cars financial statistics and investment
- Volvo Group business statistics and regional scale
Volvo Cars Sales Statistics and Company Scale
Volvo Cars sold 763,389 cars worldwide in 2024, an 8% increase from 708,716 in 2023. The 2023 total was itself higher than the 615,121 cars sold globally in 2022, according to Volvo Cars’ annual-report financial highlights (Volvo Cars Annual and Sustainability Report 2024).
| Volvo Cars measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Global retail sales | 615,121 | 708,716 | 763,389 |
| Revenue | SEK 330.145 billion | SEK 399.343 billion | SEK 400.234 billion |
The annual totals describe global Volvo Cars retail sales. December 2024 sales were 73,804 cars, down 3% from December 2023, so the monthly result should not be read as a calendar-year total (Volvo Cars reports new global sales record in 2024).
Volvo Cars employed approximately 43,400 full-time employees in December 2023 and sold to customers in more than 100 countries. The company was founded in 1927, making its history 98 years at the 2025 annual-report announcement; that age is a derived figure based on the stated founding year and announcement year.
Volvo Electric and Plug-in Hybrid Statistics
Volvo Cars’ electrified category combines fully electric and plug-in hybrid cars where the source reports the category. It does not include mild hybrids in the electrified total, and the company reports mild-hybrid and internal-combustion sales separately.
| Global Volvo Cars powertrain measure | 2023 | 2024 | Change |
|---|---|---|---|
| Fully electric cars | 113,419 | 175,194 | +54% |
| Plug-in hybrids | 152,561 | 177,593 | +16% |
| Electrified total | 265,980 | 352,787 | +33% |
| Mild-hybrid and internal-combustion | 442,736 | 410,602 | -7% |
In 2024, fully electric cars represented 23% of global Volvo Cars sales, compared with 16% in 2023. Electrified models represented 46% of global sales in 2024, while mild-hybrid and internal-combustion cars formed the separately reported remainder category (Volvo Cars Annual and Sustainability Report 2024).
The December 2024 pattern was also split by powertrain: electrified sales were 34,035, up 20% year over year; fully electric sales were 14,130, up 15%; and plug-in-hybrid sales were 19,905, up 23% (Volvo Cars reports new global sales record in 2024). These are monthly figures for December, not annual measurements.
Regional Volvo Sales Data and Electrification Trends
Volvo Cars’ 2024 regional results show different combinations of scale and powertrain adoption. Europe was the largest named region in the supplied sales table and had the highest reported electrified share among the listed regions.
| Region | 2024 total sales | 2024 electrified sales | Electrified share | Year-over-year context |
|---|---|---|---|---|
| Europe | 369,685 | 240,425 | 65% | Total +25%; electrified +39% |
| China | 156,370 | 15,766 | Not supplied | Total -8%; electrified +3% |
| United States | 125,243 | 42,902 | 34% | Total -3%; electrified +20% |
| Other markets | 112,091 | 53,694 | Not supplied | Total -3%; electrified +27% |
Europe’s fully electric sales reached 133,070 in 2024, up 76% from 75,476 in 2023, while European plug-in-hybrid sales reached 107,355, up 11% from 97,099. In China, fully electric sales were 4,349, up 33%, while plug-in hybrids were 11,417, down 5% from 12,075 (Volvo Cars reports new global sales record in 2024).
The US mix moved in a different direction: fully electric sales fell 59% to 5,608 in 2024 from 13,609 in 2023, while plug-in-hybrid sales rose 69% to 37,294 from 22,048. Other markets recorded 32,167 fully electric sales, up 53% from 21,053, and 21,527 plug-in hybrids, up 1% from 21,339.
Volvo SUV Model Sales Statistics
The Volvo XC60 was the company’s top-selling named model in 2024, with 230,853 cars compared with 228,646 in 2023. The XC40/EX40 line sold 173,890 cars in 2024, versus 200,670 in 2023, while the XC90 sold 108,621, versus 107,549.
| Volvo model or line | 2023 sales | 2024 sales | Derived change |
|---|---|---|---|
| XC60 | 228,646 | 230,853 | +2,207 |
| XC40/EX40 | 200,670 | 173,890 | -26,780 |
| XC90 | 107,549 | 108,621 | +1,072 |
The three named SUV/model lines together represented 513,364 2024 sales, a derived sum of the company-reported figures rather than a company-reported share. The underlying model totals and the derived differences come from Volvo Cars’ 2024 global sales report (Volvo Cars reports new global sales record in 2024).
Volvo Cars Financial Statistics and Investment
Volvo Cars reported revenue of SEK 400.234 billion in 2024, compared with SEK 399.343 billion in 2023 and SEK 330.145 billion in 2022. These are reported figures and are not inflation-adjusted.
| Volvo Cars financial measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| EBIT excluding joint ventures and associates | SEK 17.889bn | SEK 25.567bn | SEK 27.040bn |
| Consolidated EBIT | Not supplied | SEK 19.939bn | SEK 22.318bn |
| R&D expense | SEK 11.514bn | SEK 12.884bn | SEK 16.983bn |
| Basic earnings per share | Not supplied | SEK 4.38 | SEK 5.17 |
The company-defined EBIT margin excluding joint ventures and associates was 6.8% in 2024, compared with 6.4% in 2023. Consolidated EBIT margin was 5.6% in 2024, versus 5.0% in 2023, and basic earnings per share were SEK 5.17 in 2024 versus SEK 4.38 in 2023 (Volvo Cars Annual and Sustainability Report 2024).
Volvo Group Business Statistics and Regional Scale
Volvo Group is a separate reporting entity from Volvo Cars. Its 2024 net sales were SEK 526.8 billion, down 3% on a currency-adjusted basis; vehicle sales decreased 5%, while service sales increased 4% on a currency-adjusted basis.
Volvo Group adjusted operating income was SEK 65.7 billion in 2024, compared with SEK 78.2 billion in 2023. Its adjusted operating margin was 12.5%, versus 14.0% in 2023 (Volvo Group Annual report 2024).
| Volvo Group delivery geography | 2024 net sales |
|---|---|
| Europe | SEK 216.270 billion |
| North America | SEK 162.370 billion |
| South America | SEK 56.559 billion |
| Asia | SEK 58.773 billion |
| Africa and Oceania | SEK 32.843 billion |
The annual-report geography is based on delivery location. Within the same Volvo Group measure, 2024 net sales were SEK 134.073 billion in the United States, SEK 11.731 billion in Sweden and SEK 15.436 billion in China; these country figures must not be substituted for Volvo Cars retail-sales figures (Volvo Group Annual report 2024).