On February 6th Volvo Car Portugal invited CLS, media, and relevant stakeholders to present their results of 2023. 2023 was a record year for Volvo Car nationally as well as globally. Now they are looking forward to an equally memorable 2024.
Starting with a reference to the current state of the automotive sector, Susanne Hägglund, Managing Director of Volvo Car Portugal, emphasized the unique positioning of the Swedish brand, which will continue to stand out in the next generation of mobility, not only because of its historic commitment to safety but also because of the sustainability, technology, comfort, and convenience components that have been thought out in detail to meet the demanding needs of today's and tomorrow's customers.
Emphasizing Volvo's commitment to electrification, which it aims to achieve completely by 2030, the Managing Director of Volvo Car Portugal stressed the importance of electric propulsion as the best answer in today's automotive world and affirmed the brand's electric commitment as one of the pillars of its environmental plan to achieve climate neutrality by 2040.
Tiago Barreiros and Domingos Silva, respectively Volvo's Chief Financial Offer and Commercial Director in Portugal, gave details of the brand's performance in the past year. With 5,118 units registered, equivalent to a 42 percent increase on the previous year and the second-best result ever at a national level, Volvo's sales represented a market share of 2.56 percent, also reflecting the brand's best year ever in terms of profitability.
The best-selling Volvo models in Portugal were:
1. Volvo XC40 - 56% of total sales
2. Volvo XC60 - 19% of total sales
3. Volvo C40 - 10% of total sales
VOLVO'S ELECTRIFICATION RATE IN THE COUNTRY IS A WORLD BENCHMARK
The popularity of Volvo's range of electrified models has grown again in Portugal, already accounting for 82 percent of national sales, with the share of 100 percent electrified cars, represented in 2023 by the C40 and XC40 models, already accounting for 26 percent of the total mix.
These figures make Volvo in Portugal a benchmark in relation to other markets, with rates well above the world average.
JUST ARRIVED - THE EX30 IS ALREADY A BIG HIT IN PORTUGAL
The EX30, the Swedish brand's latest innovation and also Volvo's smallest SUV ever, is already on the roads in Portugal and has already won over the Portuguese by winning several prestigious awards.
This new model has been breaking some records and is already the car with the highest volume of pre-orders ever for the brand in Portugal.
Volvo also presented some curiosities that sales have already revealed and that are in line with the brand's expectations: the EX30 has been attracting younger age groups and bringing new customers to the brand who see the EX30 as their first Volvo ever.
SEVERAL WORLD RECORDS
Also worldwide, the brand set some historic milestones in 2023, achieving a new world sales record of 708,716 (+15% compared to 2022), a profitability record, and the highest penetration rate of 100% electric models in its 97-year history, already representing 16% of the total.
Also noteworthy was the improvement in gross margins related to the commercialization of electric models, which evolved positively throughout the year, contributing to the result in terms of profitability.
2024 WITH DOUBLE-DIGIT GROWTH
For 2024, Volvo promises to surpass the results of 2023 and continue steadfast in its strategy towards electrification.
This will be the first year in which the brand will commercialize four 100% electric models worldwide. Combined with a robust supply chain and stabilized production, accompanied by major investments in technology to ensure long-term objectives, Volvo believes that 2024 will bring another record year in sales, revenue, and profitability.
Portugal will be no exception, with the Swedish brand aiming for double-digit growth by the end of the year.
"I'm very proud of our team and our dealer network, which has managed to achieve such solid results that contribute to a strong and reliable overall result! Our sales of electric models were the best ever and our newcomer EX30 is performing above our best expectations. We believe that in 2024 we will continue to grow as we move towards full electrification, which is one of the crucial points in our environmental plan."
Susanne Hägglund, Managing Director - Volvo Car Portugal
