Volvo Cars reported a strong performance in May, with sales reaching 68,034 cars, up 13% from the previous year. The increase was supported by a 27% rise in Europe and a notable contribution from its fully electric XC40 Recharge (EX30), the company announced on Wednesday.
Sales of fully electric and plug-in hybrid models saw a significant increase of 37%, accounting for 48% of the group’s total sales globally. Volvo Cars, based in Sweden and majority-owned by China’s Geely Holding, highlighted the growing demand for electrified vehicles as a key driver of its sales growth.
“This month’s sales figures are another measure of our progress towards our sales target of at least 15% growth for 2024,” the company stated.
Despite the overall growth, Volvo Cars experienced a decline in sales in the United States and China, with decreases of 5% and 1%, respectively. However, this was offset by strong performance in Europe and other markets.
Following the announcement, shares in the company rose by 1.9% as of 0755 GMT, reflecting investor confidence in Volvo Cars’ sales performance and strategic direction.
Volvo Cars has set ambitious goals for its electric vehicle (EV) transition, aiming to have EVs account for half of its sales by volume by mid-decade and to sell only EVs by 2030. The company’s commitment to electrification aligns with broader industry trends and the growing demand for sustainable mobility solutions.
