Volvo’s Focus on Hybrid and Electric Vehicles Propels Them to Success in the European Market Despite Economic Challenges

Despite a decline in electric car sales in Europe, Volvo continues to thrive with its focus on hybrid and electric vehicles. The factory in Ghent, which employs approximately 6,500 workers, is currently adapting its production lines to accommodate the construction of an electric model. However, some white-collar workers are staying at home due to temporary unemployment caused by the shift in market demand.

Despite disappointing sales of electric models by other brands in Europe, Volvo’s XC40 (recently renamed EX40) and C40 (recently renamed EC40) continue to be built for the European market. In fact, Volvo has seen unprecedented sales figures in the first months of 2024, making it the third-largest producer of electric cars in Europe. The company’s early adoption of electrification and development of the right models are paying off as they aim to achieve half of their global sales volume with electric vehicles by 2025.

Temporary contracts are being extended by six months as recruitment is ongoing for technical profiles and other shortage professions. The factory expects growth in production in the coming years, with a target of producing more cars than the previous year. While temporary unemployment may continue to be a factor in the near future, Volvo is dedicated to maintaining a strong presence in the European market and continuing its success in the electric vehicle sector.