Volvo Cars are selling less ICE and more EVs

Volvo Cars are selling less and less traditional ICE cars (internal combustion engine vehicles that are powered by climate killing petrol or diesel) while their EVs (electric vehicles) sales are on the rise.

According to their latest numbers, Volvo Cars sold 178 980 cars around the world in the three-month period of March–May 2026, with their fully electric cars and plug-in hybrids accounting for 48 percent of all cars sold. Fully electric cars made up 23 percent of all cars sold during the period, while plug-in hybrids accounted for 25 percent. Meanwhile, sales of their traditional ICE car models decreased by 12 percent.

Despite all the external challenges, we continue to grow in Europe through electrification. Overall, deliveries of our fully electric cars grew for the eighth consecutive month driven by the strong demand for the EX30 and EX40 electric SUVs in Europe. We have also seen sustained and strong increase in retail orders for our fully electric models in the region, which further reinforces our strategy to become a leader in premium electrification.

— Erik Severinson, Chief Commercial Officer at Volvo Cars.

In their earnings report, Volvo Cars noted that the overall car market is still affected by weak consumer confidence and subdued demand for fully electric cars and plug-in hybrids after various government subsidies has ended, especially in the US. The company also noted how things are particularly slow in China for them due to fierce competition from local car manufactures that produce modern and cheap EVs.