Volvo Cars has reported its strongest sales numbers for the second-half of 2020 in the firm’s history.
The strong growth is attributed to growing demand for its electrified cars, which boosted the firm’s recovery from the impact of the pandemic.
The share of Recharge models – those with a fully electric or plug-in hybrid powertrain – more than doubled in 2020 compared to 2019.
In Europe, the share of Recharge cars of overall sales was 29%, making Volvo the leading brand in the region for chargeable cars. It was also a leading plug-in hybrid brand in the U.S.A.
In China and the US, its two largest individual markets, Volvo Cars reported growing sales for the full year. It managed to more than recover a pandemic-related sales drop in the first half during the second half of the year.
While sales dropped by 21% in the first half, the company resumed a strong growth trajectory in the second half of 2020. Sales rose by 7.4% to 391,751 cars in the second half compared to the same period in 2019.
Globally, Volvo Cars sold 661,713 cars in 2020, a decline of 6.2% compared to 2019.
Although final numbers for the full year are yet to be confirmed, the company outperformed its competitors and gained market share in all its main sales regions during the first eleven months of the year.
Sales rose by 7.5% in China in 2020, to 166,617 cars, compared to 2019. In the US, the company sold 110,129 cars, a 1.8% increase compared to the year before. Both markets saw strong demand for the company’s SUV lineup, responsible for the majority of sales volumes.
In Europe, Volvo Cars saw strong demand for its Recharge cars in many key markets. A sluggish overall market, held down by pandemic-related restrictions, meant that overall sales fell by 15.5% for the whole year.
The pandemic also accelerated the company’s move towards online sales, which will continue to be a focus area in 2021. In 2020, Volvo Cars more than doubled its number of subscriptions sold online versus 2019.