Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
February 07, 2021 01:00 AM

Volvo CEO sets tougher green-car target

Douglas A. Bolduc
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Volvo Hakan Samuelsson ANE Congress 2019

    "Recharge sales will continue to grow," CEO Hakan Samuelsson said.

    Volvo Cars' top executive has set an even tougher 2021 sales target for the automaker's Recharge line of electrified cars after the automaker narrowly missed his 2020 goal.

    "About a quarter of our sales globally should be Recharge this year," CEO Hakan Samuelsson told Automotive News Europe.

    The Recharge family of plug-in hybrids and full-electric cars accounted for 17 percent of Volvo's 2020 global volume, up from 6.5 percent in 2019 but still below the 20 percent target set by Samuelsson, who envisions Volvo being an electric-only brand by 2030.

    He is bullish because 19 percent of Volvo's global sales in the second-half of 2020 were Recharge models. Europe led the way with Recharge models accounting for 36 percent of Volvo's overall sales in the second half and 31 percent for the full year.

    "I'm quite satisfied with the development we are seeing," Samuelsson said. "Recharge sales will continue to grow."

    Margin maker

    Volvo Chief Financial Officer Carla De Geyseleer told ANE that the electrified models have also been a financial success.

    "It's not just about the uptick of the volume, we are making a good margin when we sell these cars," she said.

    As Volvo was preparing for its aggressive push into the electrified sector Samuelsson remembers many people telling him that EVs would have a negative margin.

    "We have not seen that," he said. "We have sold them with the same margin as our conventional premium cars."

    According to Volvo's figures, it has a 10 percent global share of a segment Samuelsson called "electric premium," which is made up of a combination of plug-in hybrids and full-electric cars from brands such as Audi, BMW, Mercedes-Benz and Tesla.

    "That is a much better market share than we have in the traditional premium segment [which is about 7 percent]," he said. "We believe this will be the new premium segment."

    Volvo more than doubled sales of its Recharge line of plug-in hybrids and full-electric vehicles to 115,436 last year. The battery-driven XC40 Recharge P8 (shown) accounted for 4,659 of those sales.

    Growing family

    Right now most of Volvo's Recharge volume comes from plug-in hybrid versions of models such as the XC60 midsize SUV, but the CEO said the share of full-electric sales from the model line will rise steadily as it introduces a new battery-driven car each year.

    The first member of the family, which debuted last year, was the Volvo XC40 Recharge P8. It will be joined this year by another compact electric model, likely to be named the C40.

    A full-electric version of the third-generation XC90 flagship SUV is due in 2022.

    By 2025 Volvo aims to have five full-electric cars in its lineup and expects those models to account for half of its global sales.

    RECOMMENDED FOR YOU
    Russians reluctantly embrace Chinese cars after Western brands depart
    Recommended for You
    Moskvich car 2022
    Russians reluctantly embrace Chinese cars after Western brands depart
    Dacia Sandero with new front grille 2023
    Dacia, MG gain from French demand for low-cost cars
    Smart #1 11.jpg
    Smart dealers optimistic about switch to agency direct-sales model
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us