Volvo Cars, the Swedish automaker, reported a notable 27% increase in April sales compared to the previous year, reaching a total of 65,838 cars sold globally.
This surge was largely attributed to the growing demand for electric and hybrid vehicles. Notably, sales of fully electric cars saw a remarkable 94% increase, constituting 26% of all sales for the month.
Europe, Volvo Cars’ largest market, experienced a substantial 65% surge in sales, totaling 34,238 cars sold. The company’s fully electric small SUV, the EX30, played a significant role in driving this growth.
In the United States, sales rose by 10%, primarily fueled by an 89% increase in plug-in hybrid car sales. However, sales in China saw a slight dip of 3% compared to the same period last year.
In a separate development aimed at advancing electric vehicle (EV) technology, Volvo Cars made a strategic investment in the UK-based startup Breathe Battery Technologies.
The investment aims to reduce charging time for the next generation of Volvo’s EVs by 30%, addressing consumer concerns over charging convenience and enhancing the EV ownership experience.
Facilitated by Volvo Cars Tech Fund, the company’s corporate venture capital arm, this investment underscores Volvo’s commitment to innovation in the EV sector.
Although the exact investment amount remains undisclosed, the partnership with Breathe Battery Technologies signifies a shared vision for advancing EV technology.
By accelerating EV charging times, Volvo aims to encourage wider adoption of battery-powered vehicles and enhance the ownership experience for existing EV owners.
Addressing concerns related to charging infrastructure and speed is crucial in driving the widespread adoption of EVs.
Beyond reducing EV charging times, Breathe Battery Technologies is also focused on improving battery durability and performance.
Their software solutions, already deployed in Oppo smartphones, aim to extend battery life and optimize performance. With this investment, Volvo Cars reaffirms its dedication to innovation and sustainability in the EV market.
