Volvo Cars experienced a tumultuous year in 2022, grappling with supply chain disruptions and production limitations stemming from component shortages and COVID-related lockdowns in China.
Despite these challenges, the demand for Volvo vehicles remained robust, culminating in a strong sales performance in December. In the final month of 2022, Volvo Cars sold 72,663 units, marking a remarkable 12.8 percent increase compared to December of the previous year.
This surge in sales was bolstered by the growing popularity of Volvo’s Recharge line, which includes both pure electric and plug-in hybrid powertrains. In December, Recharge vehicles accounted for 43.8 percent of the company’s total sales, with fully electric cars comprising 20.1 percent of global sales.
The company also saw serious growth in its subscription services, with active subscriptions rising by 49.0 percent by the end of 2022 compared to the previous year. Online sales of Volvo cars increased by 17.0 percent year-over-year, driven by heightened customer demand and expanded market offerings.
However, Volvo’s overall annual sales figures painted a more complicated picture. In the United States, Volvo sold 102,038 cars throughout the year, reflecting a 16.5 percent decline from 2021. Despite this annual decrease, December sales in the U.S. rose by 6.4 percent, with 11,111 units sold.
In China, annual sales fell by 5.4 percent to 162,322 units, but December saw a serious rebound with a 15.8 percent increase, totaling 16,950 cars sold. European sales followed a similar pattern; year-to-date sales dropped by 15.7 percent to 247,413 units, yet December sales surged by 17 percent, reaching 33,407 cars.
Volvo’s best-selling model globally in 2022 was the XC60, with 195,338 units sold, down from 215,635 in 2021. The XC40 was the second most popular model, with 169,206 units sold, compared to 201,037 in the previous year. The XC90 rounded out the top three, with 97,130 units sold, a decrease from 108,231 in 2021.
Despite a year marked by serious challenges, Volvo Cars’ December performance demonstrates the brand’s resilience and continued appeal among consumers, particularly in the rapidly growing electric vehicle market.