Sweden-based Volvo Vehicles on Monday posted a 31% rise in gross sales in Might in contrast with a yr earlier, promoting 60,398 vehicles.
The 31% rise comes after a strained 2022, when the corporate, like different automakers, felt the results of persistent COVID-lockdowns in China, chip shortages and different provide constraints that hampered manufacturing.
As Volvo, majority-owned by China’s Geely, has begun recovering from 2022’s setbacks, gross sales figures have constantly been up for the previous few months.
Nonetheless, automakers’ worries will not be but over as excessive prices linger. That compelled the corporate not too long ago to begin a cost-slashing effort that has seen 1,300 jobs being lower.
It additionally introduced in Might that manufacturing of its totally electrical SUV was delayed till 2024.
Within the firm’s greatest market, Europe, gross sales rose 40%, whereas gross sales had been up 49% in China and 14% in the US, Volvo Vehicles stated in an announcement.