EVs Take 61.1% Share In Sweden — Volvo XC40 Revival

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Last Updated on: 5th March 2025, 08:51 am

February saw plugin EVs take 61.1% share in Sweden, up strongly from 51.8% in February 2024. Most of the increase came from BEVs’ strong volume growth, while PHEVs were also up. Overall auto volume was 19,608 units, up by some 4% YoY. The Volvo XC40 was the best-selling BEV in February.

February’s auto sales saw combined plugin EVs take 61.1% share in Sweden, with full battery-electrics (BEVs) at 35.0%, and plugin hybrids (PHEVs) at 26.0%. These shares compare YoY against 51.8% combined, with 27.8% BEV and 24.0% PHEV.

This is a healthy step up for BEVs, and comes thanks to volume growth of 32% YoY, far outperforming the overall market. Indeed, the market’s overall growth is all thanks to plugins. The other powertrains, combined, actually shrank in volume, by some 16% year on year.

On the face of it, then, it appears that 2025’s tighter emission targets in the EU region are working, at least for Sweden. However, in disturbing news, the EU commissioner (unelected) has just suggested she will buckle to rent-seeking pressure from laggard legacy auto and is proposing to loosen the previously agreed tighter emission rules that are supposed to have become operative now in 2025.

Von der Leyen said on Monday (3rd March) that the previously agreed 2025 tightening, which was planned many years ago, will now be delayed and changed to a tightening only “averaged across 3 years.” Effectively, legacy auto are being told that they can continue to delay progress — yet again — this year, if they make “additional effort” in 2027 (above what was formerly agreed for that date) to compensate.

This is precisely the kind of delaying tactic that suits legacy auto, and we can bet they will be scheming to muddy the narrative waters in the consumer market to again falsely argue about “lack of demand” as 2027 approaches. These corporations have spent the past 3 years mostly treading water, with little to no progress on mass-market BEV offerings (and actually going backwards on BEV share in 2024), while increasing the price of most of their BEVs. They have, meanwhile, been paying out record profits to managers and shareholders, instead of doing the hard work to invest in a cleaner future. This all comes after their initial showing-off demonstration BEVs in the mid- to late 1990s. That’s 30 years ago, folks.

That the unelected von der Leyen — herself from a wealthy European ruling-class family — has now done some backroom deal to reward this rent-seeking and foot-dragging behaviour, speaks volumes about corporate capture of the ruling class in the EU. We should also expect calls for even higher tariffs on genuinely competitive Asian BEVs (both Chinese and Korean) — to further prop-up the delaying tactics of the European legacy auto rent-seekers.

Best-Selling BEV Models

The best-selling model in February was the Volvo XC40, with 595 units registered. This was the Volvo’s first pole position in almost 2 years (since April 2023). The XC40 got a useful technical refresh in 2024, bringing more range and charging speed, which has kept it competitive, and won 3rd place in full-year 2024.

Close behind, now relegated to second place, was the Volkswagen ID.7, with 539 units. The new Kia EV3 has done a great job to climb to third (in only its 4th month on sale), with 499 units, up from 7th in January.

Beyond the Kia EV3’s impressive climb, there were no other notable moves in the top 20 in February — all models are familiar and have been regular members of the table over recent months. The new Cupra Tavascan, still a relative newcomer, seems to have found a comfort zone just outside the top 10 over the past 3 months, a decent result for the Cupra brand.

There were two new BEV models that made their Swedish debuts in February. The Skoda Elroq saw an initial 55 units delivered. The Elroq (at 4,488 mm) is basically a shorter and less expensive version of the Enyaq (4,648 mm), with a wider spread of battery size options. It starts from 424,900 SEK (€38,400) for the 52 kWh battery and increases to 479,900 (€43,350) for the 59 kWh option. There’s also a 77 kWh pack, priced from 534,900 (€48,300) — though, that price point comes very close to the 559,900 SEK (€50,570) for the same sized battery in the larger Skoda Enyaq.

A key difference is that — in Sweden — the Enyaq no longer offers either of the smaller battery options. It does still come with the 59 kWh pack in some other European markets, however. This might look like somewhat simplistic product differentiation from Skoda in Sweden, but because there are extra taxes on cars priced above 500,000 SEK, the differentiation makes some business sense. I think that the 59 kWh Elroq, with a WLTP range of 449 km, might be a decent compromise for some buyers who don’t want a vehicle quite as long as the Enyaq.

The other debutant BEV model in February was the new Hyundai Inster. This new sub-compact SUV (3,825 mm) arrived with 37 units. These appear to be marketing and test-drive units for now, since the car is not yet promoted as a current model on Hyundai’s Swedish website (as of time of writing).

The Hyundai Inster’s pricing starts “under 250,000 SEK” (€22,600). Though, this is for the 42 kWh battery variant, which will only deliver later in the year. Initially, sales will prioritise the 49 kWh version (370 km WLTP), starting from 264,900 SEK (€24,000) — still a decent price. Both Hyundai, and especially Kia, have been popular brands in Sweden over recent years, so there’s every reason to expect the new Inster to prove popular, at least within its segment.

Are small cars like this considered viable in the Swedish climate? Electric motors definitely provide much more torque, stability, and reliability — compared to combustion. These characteristics arguably allow small BEVs to overcome some weaknesses of small ICE cars. Local readers, please chime in to the comments section.

As for recently launched BEV models, neither the Renault 5 nor the Opel Grandland (nor indeed the Citroen e-C3) have stepped up to any kind of notable volume yet in Sweden.

On the other hand, the recently launched Audi A6 e-tron, which saw its first proper deliveries in January, 36 units, stepped up further, to 43 units in February. We might expect the new Audi — crucially, available in an Avant/Touring/Wagon variant — to average somewhere a little under 100 monthly units in the longer term. That’s not bad for a premium model in this market.

Here’s a look at the trailing 3-month performance:

Thanks to a big December, the Tesla Model Y (the overall leader in both 2023 and 2024) still leads the 3-month chart, ahead of the Volkswagen ID.7 and Volvo EX30.

The refreshed Model Y is starting Swedish deliveries in March. February’s 479 units were likely still all the outgoing version. I don’t expect volumes of the new version to immediately ramp up to prior levels, and the old and new will co-exist for a month or two. Depending on how the change-over plays out, we might expect the ID.7 to take the 3-month lead next month.

Based on its steep trajectory, it’s possible that the new Kia EV3 might steal ahead of the Volvo EX30 in next month’s chart, but don’t rule out the older Volvo XC40 either, after its strong February. In a smaller market like Sweden, the exact results will be largely based on each brand’s varying logistics schedules and batch shipments.

Outlook

The 4% growth in Sweden’s auto market is in line with the health of the broader economy, which has been improving recently. The macro figures from Q4 2024 show YoY GDP growth of 2.4% (much higher than initial 1.1% estimates). Though, it’s too early to say whether this will be sustained. Inflation remained fairly flat at 0.9%, and interest rates remained steady at 2.25%. Manufacturing PMI improved slightly to 53.5 points in February, from 53.1 in January.

The concern now is whether von der Leyen’s proposed loosening of the region’s fleet emissions rules for 2025 will be passed by the EU Parliament, and the governments of the member states. Let’s hope not. This is the worst kind of back-pedalling — to accommodate rent-seekers and forego actual change, competition, and innovation.

What are your thoughts on Sweden’s EV transition? What models are you keen to see arriving? Please join in the conversation by sharing your perspective in the comments below.