(May 15, 2024) Volvo Cars is all in on electric vehicles, vowing to go all-electric in 2030. Unfortunately for the brand, consumers in the world's two largest auto markets aren't as enthusiastic about its zero-emission offerings. U.S. sales of Volvo's battery-powered XC40 Recharge and C40 Recharge crossovers plummeted 65 percent in the first quarter to just 970 vehicles. According to Cox Automotive estimates, it was the largest year-over-year percentage decline in the luxury segment.

Volvo's first-quarter drop followed a 27 percent slide in battery-electric vehicle sales in the fourth quarter of 2023. Meanwhile in China, Volvo's electric vehicle sales tumbled 28 percent in the January-March period.

The EV adoption curve in the U.S. has shifted from a hockey stick to a gentler curve as the industry moves from the early adopter market to the more skeptical mainstream consumer with little tolerance for paying a premium for new technology and the patience to put up with slow charging.

According to Cox, EV sales in the first quarter rose 2.6 percent year over year. That's significantly slower than the 46 percent year-over-year EV sales increase in the same period in 2023.

Source; Automotive News