STOCKHOLM – Volvo Automobiles’ gross sales in October grew 10% from a 12 months earlier to 59,861 automobiles as totally electrical automotive gross sales jumped however hybrid fashions fell, the Sweden-based group mentioned on Friday.
Volvo Automobiles mentioned in an announcement gross sales of totally electrical automobiles rose 29% to account for 18% of all its automobiles offered within the month. Gross sales of hybrid automobiles, nonetheless, fell 8%. In whole, all recharge fashions have been up 7% to account for 36% of whole gross sales.
Shares within the group, which is majority-owned by China’s Geely Holding, have been up 6% in morning commerce, taking the year-to-date drop to 12%.
CEO Jim Rowan final week mentioned he noticed wholesome demand for Volvo automobiles and widening revenue margins for its battery electrical autos (BEV) this quarter, in opposition to the third, because the group posted third-quarter earnings that lagged estimates.
Rivals equivalent to Common Motors, Ford, Tesla and Volkswagen have earlier warned that demand for EVs was not creating as anticipated.
Volvo Automobiles mentioned on Friday that gross sales within the greatest market Europe have been up 13% in October. Gross sales within the U.S. have been up 19% whereas, in China, they have been flat.
(Reporting by Anna Ringstrom, Modifying by Terje Solsvik and Jacqueline Wong)
