Volvo's Electrifying Milestones and Future Commitments

Volvo is experiencing a surge in electric vehicle (EV) popularity, with the EX30 crossover on course to become the brand's top-selling EV by the end of 2024 In the initial quarter of 2024, 14,500 EX30 EVs were delivered worldwide, reaching an impressive 8,681 deliveries in March alone This model has achieved a notable gross margin between 15% and 20%, comparable to larger, more expensive classes of vehicles. Looking towards the future, Volvo aims for 50% of its sales to be all-electric models by 2025, showcasing its dedication to electrification with the EX30, EX40, EC40, EX90, and EM90, plus an upcoming new EV slated to be unveiled next year Riding on this wave, Volvo has hit one million all-electric vehicle deliveries globally as of March 2024, pushing forward with its goal to be an all-electric company by 2030 After its recent launch, the economically priced EX30 has significantly impacted the market, catalyzing Volvo's record-breaking global sales in the first quarter and contributing to the 100% electrification of sales in 18 markets, with over 40% sales share in 19 markets. This advancement not only bolsters Volvo's portfolio but also supports the broader environmental and economic benefits attributed to electric vehicles such as fewer carbon emissions, reduced air and greenhouse gas pollution, lower operating and maintenance costs, and the availability of tax incentives Furthermore, technological progress in EVs is evident through enhanced battery range, improved charging systems, and superior vehicle performance.