Volvo reaches one million plug-in hybrids worldwide

Volvo Cars delivered its one millionth plug-in hybrid in September 2025, highlighting the role of PHEVs in the company’s path toward full electrification.

Volvo Cars has marked a pivotal milestone: in September, the company delivered its one millionth plug-in hybrid. The achievement underscores the brand’s strategy to use PHEVs as a core pillar while progressing toward a fully electric future at a pace that suits its customers.

According to Volvo, plug-in hybrids accounted for 23% of its global sales in the first half of 2025. The trajectory has been steady: from roughly 46,000 PHEVs in 2019 to more than 177,000 in 2024. The XC60 remains central to this story; it was Europe’s best-selling PHEV in 2024 and has led the global premium PHEV segment for three consecutive years, continuing to do so in 2025.

The latest model update adds real depth: unveiled this season, the new XC70 is Volvo’s first long-range plug-in hybrid, offering an all-electric driving range of over 200 km on the CLTC cycle. It is aimed first at China, with orders opening later this year, while the company explores additional markets. Together with last year’s refreshed XC60 and XC90, this move reinforces the brand’s appeal across core regions.

Volvo’s internal data indicate that, especially in urban use, its PHEVs are often driven as if they were fully electric—on average, for about half of total driving time. The company also says it has the highest share of PHEV sales within total sales among legacy premium brands. Even so, the long-term destination remains unchanged: a fully electric line-up and net-zero greenhouse gas emissions by 2040. Financially, 2024 was a record year, with SEK 27 billion in core operating profit, SEK 400.2 billion in revenue and 763,389 cars sold.

There is historical continuity here. Volvo was an early plug-in hybrid pioneer, launching the V60 Diesel Plug-in Hybrid in 2012. Today the portfolio spans five PHEV models and six fully electric cars—a balanced range designed to meet different usage patterns and transition speeds.

A cautious outlook aligns with Volvo’s own messaging: PHEVs will continue to play a critical bridging role for customers not yet ready to go fully electric. At the same time, long-range plug-in hybrids like the XC70 are meant to ease range concerns—particularly in markets with uneven charging infrastructure—while the company advances toward its end-goal of full electrification.