On Friday, the Sweden-based automaker reported a 6% year-over-year increase in Volvo Cars’ July sales, reaching 57,447 units. This rise was primarily driven by a surge in completely electric vehicles in Europe.
Europe, Volvo Cars’ largest market, saw a 40% increase in total sales according to a company statement. Geely Holding, primarily based in China, controls Volvo Cars. In contrast, sales in China and the United States declined by 31% and 11%, respectively.
Bjorn Annwall, deputy CEO and chief commercial officer, stated in the release, “We are pleased to report another month of sales growth, which is driven largely by the sales in Europe despite a generally challenging market environment.”
Sales of completely electric and plug-in hybrid vehicles increased by 49% in July over the same period in 2023, primarily due to demand from Europe. These vehicles also made up 49% of all sales during that time.
By 07:24 GMT, the company’s shares had dropped 0.7%, outpacing the 2% decline in Stockholm’s benchmark stock market index.
By the middle of the decade, Volvo Cars aims to sell half of its vehicles as electric. Consequently, by 2030, the company plans to offer only electric cars.
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