Volvo Car clocks 38% growth in Q1 2023

PUNE: Swedish luxury carmaker Volvo on Monday said it has recorded a 38 per cent rise in sales at 544 units in the March quarter of 2023 as compared with 393 units sold in the same period last year.

The growth was led by the XC60, which clocked a 27 per cent growth.

The locally assembled all-electric XC40 Recharge saw 138 units being delivered during this period thereby contributing 25 per cent of the total volume.

“It has been a good first quarter with the XC40 Recharge accounting for 25 per cent of the total volumes. A 38 per cent growth confirms positive customer sentiments in our luxury mobility offerings and their firm belief in our Volvo brand,” said Jyoti Malhotra, MD at Volvo Car India.

He said the first quarter performance is a good indicator and the brand was confident that the coming quarters will show better results.

“We remain committed to introducing a new electric model every year and we are on a good trajectory of achieving our aim of going all electric by 2030,” Malhotra said.

The company recently delivered its 200th XC40 Recharge all electric car. Post the commencement of bookings in 2022, the company had booked 500 XC40 Recharge cars.

In line with its commitment to introduce a new EV model every year, Volvo has already announced that the C40 all electric model will be introduced in India this year.