Volvo Cars reported an 11% decline in global vehicle sales in April to 58,881 units, compared to the same month last year, as demand for its fully electric models weakened.
The Sweden-based automaker, majority-owned by China’s Geely, said sales of battery-electric vehicles fell 32%, accounting for 20% of total monthly sales.
See also: Volvo Begins Production of Electric EX30 at Belgium Plant to Boost European Supply
Plug-in hybrid vehicle sales also dropped, leading to a 16% decline in overall electrified vehicle deliveries, which now make up 45% of Volvo’s total sales.
The slowdown comes as Volvo navigates rising pressure from U.S. tariffs and intensifying competition in China’s electric vehicle market.
Volvo is currently working with parent Geely to reduce costs amid geopolitical headwinds, including tariffs recently imposed by the U.S. that impact exports of Chinese-made vehicles.
See also: Volvo Cars Plans U.S. Production Expansion to Offset Tariffs
The company is also striving to maintain its foothold in the American market, where hybrids and combustion-engine cars remain popular.
The automaker’s stock fell 3% in Monday morning trade, deepening its year-to-date decline to 29%. Volvo had withdrawn its earnings outlook for the next two years in April, citing uncertainty stemming from international trade tensions and policy changes.
