Volvo Cars August-October sales volumes down 16% year-on-year
Fully electric vehicle sales rose 27%, accounting for 34% of total sales, while plug-in hybrid sales fell 30%, making up 20%.
Volvo Cars reported a 16% year-on-year decline in sales volumes for the August-October quarter, with total vehicle sales dropping to 141,656 units. The Swedish automaker noted a 27% increase in fully electric car sales, which now make up 34% of their total sales. However, plug-in hybrid sales fell by 30%, constituting 20% of their overall volumes.
In China, Volvo Cars acknowledged the need to adapt to lower demand and focus on stabilizing the business instead of chasing volumes. The company stated that demand for fully electric cars remains strong in Europe, particularly for the EX60 model, with orders surpassing 50,000 units. Some deliveries of the EX60 are currently delayed due to an ongoing production ramp-up, but the company is steadily improving built volumes.
Volvo Cars, majority-owned by China's Geely Holding, recently reported weaker-than-expected earnings and announced further job cuts, which sent its share price to record lows.
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