Volvo Cars sets all-time sales record in 2023

STOCKHOLM, Jan. 5 (Xinhua) -- Volvo Cars set a new global sales record in 2023, with 708,716 cars sold during the year, the carmaker said on Friday.

While sales across all segments increased by 15 percent compared to 2022, sales of fully-electric cars increased by 70 percent to 113,419, Volvo said.

The results show Volvo Cars' "strong electrified product portfolio in combination with a more stabilized supply chain," it added.

In Europe, 294,794 cars were sold, an increase of 19 percent compared to the same period in 2022. Meanwhile, sales in China grew 5 percent from 2022 to 170,091, and sales in the United States were up 26 percent to 128,701 cars.

Volvo Cars, which was acquired by Chinese automaker Geely in 2010, aims to be a climate-neutral company by 2040.

The carmaker, which is headquartered in the Swedish city of Gothenburg, had around 43,200 full-time staff in 2022.

Its main production plants are situated in Gothenburg, Ghent (Belgium), South Carolina (the United States), and the Chinese cities of Chengdu, Daqing and Taizhou. The company also has research and development and design centers in Gothenburg, Camarillo (the United States) and Shanghai (China).

Last year, Volvo Cars also opened a new Tech Hub in Singapore, which will focus on artificial intelligence, machine learning, data analytics and Industry 4.0 technologies.