Volvo Cars has released sales figures for the three-month period from February through April 2026. The company delivered 162,864 vehicles — a 10 percent drop compared to the 180,280 units sold during the same stretch in 2025.

The decline seems striking at first glance, but the breakdown tells a more nuanced story. Fully electric models actually jumped 14 percent, moving from 34,441 to 39,235 units year-over-year. This means the slide isn't coming from the EV side; it's being driven by plug-in hybrids and combustion-engined cars. PHEV deliveries contracted by 12 percent to 38,551 vehicles, while mild-hybrid and conventional petrol models tumbled 16 percent to 85,078 units.

Electrified vehicles overall claimed 48 percent of total sales. Battery-electric cars accounted for 24 percent, with plug-in hybrids matching that at another 24 percent. A year earlier, the absolute number of electrified vehicles was slightly higher — 78,470 versus now 77,786 — but the mix has shifted: BEVs are on the rise as PHEVs lose ground.

The biggest trouble spots are China and the United States. In China, Volvo is grappling with intense pressure from domestic players and a sluggish market. In the U.S., sales are being weighed down by poor consumer sentiment, a slow rebound in EV and PHEV demand following the removal of subsidies, and fierce price wars in the SUV segment.

Erik Severinsson, Volvo's commercial director, said the company is protecting its pricing stance and is seeing a steady order flow in Europe. He pointed to seven straight months of growth in electric vehicle deliveries, driven by the EX30 and EX40. This summer, the first EX60 units will reach customers, and a gradual production ramp-up is expected to help the second half of the year.

The big unknown is whether the EX60 can quickly deliver volume in markets where Volvo is currently losing ground. For now, the pattern is clear: older hybrid and petrol variants are dragging down the numbers, while the electric lineup — far from being a mere image booster — has become essential just to keep the brand competitive.