Volvo Cars April Sales Rise on Strong EV Demand

Reuters

17:24 JST, May 6, 2024

COPENHAGEN, May 6 (Reuters) – Volvo Cars’ VOLCARb.ST sales rose 27% in April from a year earlier to 65,838 cars, boosted by demand for electric and hybrid vehicles, the Sweden-based group said on Monday.

Volvo Cars, majority-owned by China’s Geely Holding, said in a statement sales of fully electric cars were up 94% and accounted for 26% of all sales globally in the month.

Sales in Europe, Volvo Cars’ biggest market, jumped 65% compared to the same period last year, reaching 34,238 cars, with the company’s fully electric small SUV, EX30, driving sales, Volvo Cars added.

In the United States, total sales rose 10%, primarily driven by an 89% increase in plug-in hybrid car sales, Volvo Cars said.

Meanwhile, sales in China were down 3% compared to the same period last year.

Shares in the company rose 0.5% by 0723 GMT, outperforming a 0.3% rise in Stockholm’s benchmark stock index.