The drag coefficient (Cd) number has to be multiplied by the cross-sectional area.
The Volvo's Cd has to be multiplied by its (larger) cross-sectional area, whereas the sports car would seem to have a smaller cross-sectional area.
Therefore, the boxy car is not necessarily a more fuel-efficient car. It depends on your basis of comparison. If the basis is getting one person from A to B, the sports car might still win out. But for getting 4 adults and a dog, the Volvo wins, paws down. But we kind of aready knew that intuitively.
If your basis of comparison is interior volume, then a thin shape with a higher Cd may still be more efficient than a boxier shape of the same interior volume, because it has a smaller cross-sectional area.