Volvo Cars Reports 6% Sales Increase in July, Driven by European Electric Vehicle Demand

Credit: Volvo

Volvo Cars announced a 6% increase in global sales for July, reaching 57,447 vehicles, primarily due to rising demand for fully electric vehicles in Europe.

The Sweden-based automaker, which is majority-owned by China’s Geely Holding, noted that European sales surged by 40%, while sales in the United States and China declined by 11% and 31%, respectively.

Deputy CEO and Chief Commercial Officer Bjorn Annwall remarked, “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 fully electric and plug-in hybrid models grew by 49% year-on-year, representing 49% of total sales for the month.

Following the announcement, Volvo Cars’ shares decreased by 0.7% by 0724 GMT, though this was an improvement compared to Stockholm’s benchmark stock market index , which fell by 2%.

Volvo Cars has set a target for electric vehicles to make up half of its sales volume by the middle of the decade and aims to transition to selling only electric vehicles by 2030.

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