The legacy of the iconic Volvo 240 as the best-selling Volvo car in history has officially come to an end.
This is because that title has now been claimed by the Volvo XC60, with over 2.7 million units sold worldwide since its introduction in 2008.
Initially produced for the European market, this mid-size SUV became Volvo’s first global model to be assembled in China.
It was also named World Car of the Year in 2018.
When the Volvo 240 was launched in 1974, it set new safety standards, including a body design capable of absorbing frontal and rear impacts.
It was also among the first to introduce side impact protection, which later evolved into the Side Impact Protection System (SIPS).
In 1978, Volvo introduced the innovative child booster cushion.
The legacy of safety in cars continues with the XC60, which features various advanced technologies, such as the City Safety automatic braking system that can prevent or reduce collisions at speeds of up to 30 km/h.
In 2017, the XC60 became the first car in the world to introduce the Oncoming Lane Mitigation system, designed to avoid collisions with oncoming traffic.
According to Susanne Hägglund, Head of Global Offering at Volvo Cars, “Growing up in Sweden in the 1980s, the Volvo 240 was the iconic family car – almost every household had one.
“Today, the XC60 carries on that role – not just as a family option, but also as the most successful model in our history.”
In 1959, Volvo made history by introducing the modern three-point seatbelt, a technology that has proven to save over a million lives.
Now, in 2025, Volvo is set to make history once again with the introduction of a new innovation: the multi-adaptive seatbelt, designed to further enhance user safety.
This first-of-its-kind feature will be showcased in the Volvo EX60, which is slated for launch in 2026.
What you need to know about Volvo’s latest innovation:
The system utilizes data from various sensors (external, internal, accident) to analyze factors such as impact direction and speed in real-time within the blink of an eye.
Additionally, the system assesses individual profiles based on height, weight, body shape, and seating position. This information is shared with the seatbelt system to select the most appropriate settings.
In unexpected situations, larger passengers will receive a higher seatbelt load setting to reduce the risk of head injuries. Conversely, in minor collision scenarios, smaller passengers will receive a lower seatbelt load to mitigate the chance of rib fractures.
The modern seatbelt system employs load limiters to control the impact force on the human body during a collision.
As a result, Volvo is increasing the load limit profile from three in the existing system to eleven, allowing for optimized protection based on varying scenarios and individual factors.
The system can also be updated through over-the-air (OTA) software updates.
Based on the data gathered, vehicles will become smarter in understanding passengers, new scenarios, and crafting more accurate response strategies.
This latest innovation has been tested and developed at the Volvo Cars Safety Centre, which is celebrating its 25th anniversary this year.
There, Volvo safety engineers can recreate almost all types of road accidents and conduct tests that exceed official regulatory requirements.
The facility plays a crucial role in maintaining Volvo Cars’ position as a leader in automotive safety.
Volvo Car Malaysia wrapped up the year 2024 with a record sales figure of 1,953 vehicles. Of this total, 30 percent were battery electric vehicle (BEV) models, representing an 18 percent increase compared to 2023.
Overall, BEV and plug-in hybrid (PHEV) models accounted for 83 percent of total sales for the year 2024, up from 71 percent the previous year.
This achievement aligns with the brand’s ambition to sell between 90 to 100 percent electric vehicles by 2030.
Less than 20 percent of Volvo Car Malaysia’s total sales were comprised of mild hybrid electric vehicles (MHEV), down from one-third recorded in 2023.
Globally, Volvo Cars reported total sales of 763,389 vehicles, marking an 8 percent increase.
There was a growth in sales within the electric vehicle segment, with 175,194 BEVs and 177,593 PHEV models sold, representing increases of 54 percent and 16 percent, respectively.
In total, 46 percent of Volvo’s global sales were electric vehicles, while BEV sales alone accounted for 23 percent, up from 16 percent in 2023.
For 2025, Volvo Car Malaysia plans to launch another BEV model, the Volvo EX90, a luxurious seven-seater SUV.
Volvo Cars today reports an operating profit (EBIT), excluding joint ventures and associates, of SEK 8.2 billion for the second quarter of 2024, the highest-ever in a single quarter and an increase of 28 per cent versus the same period in 2023.
The corresponding core EBIT margin reached a record high of 8.1 per cent, versus 6.3 per cent in the same period last year. This improvement in the underlying profitability was a result of the company’s focus on pricing discipline, internal cost control and sustained growth in sales.
During the quarter, global retail sales rose by 15 per cent year-on-year to 205,400 cars. This was driven by the performance of the company’s electrified cars – both plug-in hybrids and electric cars – sales of which grew by 43 per cent in the second quarter, versus the same period last year.
48 per cent of Volvo Cars’ global sales volume during the quarter consisted of plug-in hybrid (PHEV) and fully electric (EV) cars, while its EV-only share of sales rose to 26 per cent. The strong demand for the company’s electrified cars was demonstrated by the EX30 small SUV, which was among the top three best-selling EVs in Europe, while the XC60 plug-in hybrid continues to be the best-selling PHEV in Europe in recent months.
The EX30 has proved popular with customers in Europe and other markets. This has been reflected in Volvo Cars’ gross margins, which increased to 22.8 per cent from 19.0 per cent last year. Gross margins on its EVs reached a new high of 20 per cent in the period, demonstrating that Volvo Cars continues to make the transition towards electrification profitably.
Revenue for the second quarter came in at SEK 101.5 billion, versus SEK 102.2 billion reported in the same period last year. The slight revenue decline was due to reduced income from contract manufacturing and a normalisation of sales to rental companies. Volvo Cars’ core revenues from operations during the quarter, excluding income from contract manufacturing, remained stable.
“We delivered a strong second quarter performance in 2024 with record underlying profitability, demonstrating our ability to create value despite a complex geopolitical and economic environment,” said Jim Rowan, chief executive of Volvo Cars. “Our core operational momentum remains on a firm footing, thanks to the strength of our balanced strategy, product portfolio and our agility in responding decisively to headwinds.”
“Our brand and values around safety and sustainability, as well as our unique technology approach, continue to resonate strongly with customers,” added Jim Rowan.
The EX30, EM90 and EX90 are clear examples of where Volvo Cars is going, as it continues its journey towards full electrification. Together with its plug-in and mild hybrid cars, these EV models provide Volvo Cars with a balanced portfolio that serves as a clear bridge to an all-electric future.
This transition will not be a linear development. Many consumers are not yet able to go fully electric, particularly in areas with low infrastructure development or because of the early withdrawal of incentives by governments. These factors make Volvo Cars’ balanced line-up of fully electric, plug-in and mild hybrid models important as a bridge.
Volvo Cars continues to invest across the breadth of its product range, both in new models and ongoing improvements to existing ones. During its Capital Markets Day in September, Volvo Cars will reveal more details on its technological roadmap as well as forthcoming models and updates.
Yet like all global companies, Volvo Cars operates in a complex geopolitical environment that impacts trade and tests supply chain resilience. In the short term, potential tariffs from the EU commission affecting EVs from China will affect the EX30.
However, as the company previously announced, it will start producing the EX30 in its Ghent, Belgium plant next year, as part of its ‘Build where we sell’ strategy. The company aims to start production of the EX30 in Ghent during the first half of 2025, with volumes ramping up during the second half of that year.
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