Volvo said that despite high electric vehicle delivery rates in the second quarter of 2023, EV margins declined due to higher lithium prices. But that is expected to change with the arrival of the Volvo EX30, Volvo’s smallest and cheapest electric SUV. Volvo doubled its EV sales in 2022 in a breakout year that included record total sales of $32 billion, and carried that momentum into the new year. Through his first three months of the year, Volvo’s EV sales once again increased by more than double his (+157%). He had only two fully electric cars in the lineup.
