Volvo Cars reported a 5% year-on-year rise in global sales for November, with deliveries reaching 66,977 vehicles, driven by strong growth in Europe and the United States.
Sales in Europe, the automaker’s largest market, surged 20% to 31,611 vehicles, while U.S. sales climbed 5%, Volvo Cars said on Wednesday. By contrast, sales in China declined by 8%.
Electrified models—fully electric and plug-in hybrids—saw global sales jump 40%, comprising 48% of the company’s total deliveries for the month.
In a strategic move, Volvo Cars announced the sale of its 30% stake in Chinese automaker Lynk & Co to Zeekr in a deal worth RMB 5.4 billion (SEK 8 billion).
The transaction, expected to close in the first quarter of 2025, will be paid in cash, with 70% settled at closing and the remaining 30% plus interest due one year later. Volvo described the divestment as part of Lynk & Co’s transition to a new ownership structure.
Volvo’s highly anticipated electric SUV, the EX30, will reach U.S. customers earlier than planned due to robust pre-order demand. Initially slated for a 2025 release, the EX30 is now scheduled for delivery in late 2024.
