Source: Inside EVs‘ Monthly Plug-In Sales Scorecard,
As 2013 has progressed, more EVs — such as the Chevy Spark — have become available, and the Volt and Leaf have struggled, while sales of other EVs have climbed. Thanks to the limited market, having more EVs come to market dilutes other EV sales.
The V60 PHEV is a luxury hybrid, and it’s already competing with Tesla Motors Inc (NASDAQ:TSLA)‘ Model S for European sales — the 40 kWh isn’t available outside the U.S, and the 60 kWh Model S starts around $91,000 outside the United States. If the V60 PHEV comes to America, it’ll compete with Tesla in the luxury EV market. And if Volvo decides to release XC60 PHEV SUV, it could compete with Tesla’s Model X.
What to watch
Right now, sales for the V60 PHEV are incredibly strong and seem to be getting stronger. That makes it a game-changer for Volvo. However, Volvo’s production of the V60 PHEV is limited, and it’s a diesel, so It may not make it to the U.S anytime soon — although there are rumors to the contrary. If the V60 PHEV does come to the U.S., this is a vehicle to watch — not only for what it can do for Volvo’s profits, but also for how it could affect other EVs’, and in particular Tesla Motors Inc (NASDAQ:TSLA)’s, sales.
The article Volvo’s New Plug-In Hybrid Is a Game-Changer originally appeared on Fool.com and is written by Katie Spence.
Fool contributor Katie Spence has no position in any stocks mentioned. Follow her on Twitter: @TMFKSpence. The Motley Fool recommends Ford, General Motors, and Tesla Motors and owns shares of Ford and Tesla Motors.
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