These people aren't playing around.
In June, Bjorn Annwall, Volvo’s (VLVOF) -) chief commercial officer, told Automotive News that will have an all-electric lineup globally by 2030, “no ifs, no buts.”
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A few years earlier, in March 2021, Henrick Green, the Swedish automaker's chief tech officer, said that “there is no long-term future for cars with an internal combustion engine.”
Growing electrified lineup
So, let's talk about the numbers.
Volvo Cars, which is majority-owned by China's Geely Holding, said on Oct. 5 that September sales were up 65% in the U.S., 32% in Europe and 4% in China.
Sales of fully electric cars were up 52% to account for 15% of all its cars sold in the month. All recharge models – also including hybrid cars – grew 37% to account for 34% of total sales, according to Reuters.
EV sales in the U.S. surged 631% in September, the company said.
The Volvo XC90 was the top-selling model with 3,223 cars sold, followed by the XC60 with 3,211, and the XC40 at 2,540 cars
“We continue to see strong demand for our cars in both the U.S. and Canada supported by our growing electrified line-up,” Michael Cottone, president, Volvo Car USA and Canada said in a statement.
Pricing for Volvo’s newest offering, the 2025 EX30, will start at $36,245 before incentives, making it the cheapest car in Volvo’s lineup.
In comparison, pricing for the Tesla (TSLA) -) Model 3 and Model Y starts at $40,240 and $43,990, respectively before incentives.
Tesla 3Q sales miss
Meanwhile, Tesla announced another round of price cuts following a weaker-than-expected tally for third quarter deliveries.
Tesla, which has lowered prices for its flagship cars in key markets around the world multiple times this year, will cut the cost of its Model Y SUV, as well as its Model 3 sedan by as much as 4.2% for U.S. customers.
The move comes amid a concerted, and publicly-stated effort from founder and CEO Elon Musk to sacrifice profitability over gaining market share in the highly-competitive EV market.
Tesla is scheduled to report third quarter earnings on Oct. 18.
Separately, the Biden Administration said on Oct. 6 that people looking to buy an electric vehicle will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, instead of having to wait months to receive their tax returns.
Consumers buying a new electric vehicle or plug-in EV that qualifies under the Treasury Department’s guidelines either take $7,500 off the sticker price of a new EV or $4,000 off the cost of a used EV starting Jan. 1.
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