Consumers all over the globe are snatching them up.
Despite the challenges brought by the pandemic, Volvo had a lot to celebrate in 2020. The Swedish automaker launched its first fully electric car, the XC40 Recharge, and achieved record-breaking sales in the second half of the year. Continuing this sales momentum, Volvo's global sales increased by a staggering 40.8 percent in Q1 2021 compared to the same period last year.
In total, Volvo sold 185,698 cars globally between January and March this year, up from 131,889 in Q1 2020. Impressively, these are the best first-quarter sales figures in the company's history. In March, Volvo sold 75,315 cars globally, a 62.3 percent increase compared to March 2020.
In the US, 27,239 Volvos found homes between January and March this year. This represents an increase of 39.8 percent compared to the same period last year when US sales were affected by the pandemic. Volvo's European sales also increased to 87,457 cars in Q1 2021, up by 24 percent compared to the same period last year thanks to particularly strong sales in Sweden and the UK.
Volvo's China sales saw the biggest increase, however, with 45,242 cars sold in the People's Republic in the first three months of 2021 compared to 20,780 in Q1 2020 - that's an increase of 117.7 percent. Volvo attributes this massive increase to the increasing demand for the S90 and China's recovery from the pandemic.
Unsurprisingly, SUVs continue to dominate Volvo's sales. With 23,958 cars sold, the XC40 was Volvo's best-selling model In March, followed by the XC60 (23,958 sales, and the XC90 (9,893 sales). As a result, Volvo is considering trimming its sedan and wagon lineup in favor of pushing SUVs, crossovers, and electric vehicles.
Looking ahead, Volvo will expand its SUV range with a new compact model called either the XC20 or C20 and a new flagship SUV reportedly called the XC100 that will slot above the XC90. The first deliveries for the electric C40 Recharge SUV are also expected to start by the end of the year. If Volvo can keep this up, 2021 will be another strong year for the Swedish automaker.