N/A
This is expected behavior when versioning is disabled on the SharePoint site as the version number in SharePoint will always be version 1. EV maintains the version number and will replace it with the newest item when archiving is performed.
If multiple versions of an item are required then versioning must be enabled on the SharePoint site. Once versioning is enabled EV can archive and maintain the versions within the archive. The SharePoint archiving policy can be set to maintain only a certain number of versions (Prune) in SharePoint. For more information please refer to the documentation.