COPENHAGEN — Volvo Automobiles’ gross sales rose 6% year-on-year in July to 57,447 automobiles, pushed by a rise in absolutely electrical autos in Europe, the Sweden-based automaker stated on Friday.
Volvo Automobiles, which is majority-owned by China’s Geely Holding, stated in a press release that complete gross sales in Europe, the largest marketplace for Volvo Automobiles, had been up 40%, whereas gross sales in the US and China fell by 11% and 31%, respectively.
“We’re happy to report one other month of gross sales progress, which is pushed largely by the gross sales in Europe regardless of a typically difficult market surroundings,” deputy CEO and Chief Business Officer Bjorn Annwall stated within the assertion.
Gross sales of absolutely electrical and plug-in hybrid fashions had been up 49% in comparison with the identical interval of 2023, particularly pushed by Europe, and in addition accounted for 49% of all automobiles bought throughout July.
Shares within the firm fell 0.7% by 0724 GMT, outperforming Stockholm’s benchmark inventory market index which traded down 2%.
Volvo Automobiles goals to have electrical autos account for half of its gross sales by quantity by mid-decade and hopes to promote solely EVs by 2030.
