Volvo Cars Reports 8% Increase in June Sales Driven by Electric Models
Volvo Cars’ June sales rose 8% to 71,514 cars compared to a year earlier, the Sweden-based automaker reported on Thursday. This was driven by strong performances in Europe and Latin America and the success of its new fully electric model, the EX30.
Electric and Hybrid Model Sales Surge:
Volvo Cars, which is majority-owned by China’s Geely Holding, noted that sales of fully electric and plug-in hybrid models increased by 41% and now account for 48% of its global car sales.
“As June comes to a close, the sales figures for the month are proof of the successful steps we have taken toward our long-term strategic direction and the continued demand for our cars,” the company stated.
Sales in Europe, Volvo’s largest market, saw a significant rise of 34% in June, reaching 36,474 cars year-on-year.
Challenges in the U.S. Market:
In contrast, annual sales in the U.S. market dropped 28% to 9,304 cars. The decline was partly attributed to widespread IT-related disturbances that halted normal operations across thousands of dealerships.
Volvo Cars’ total sales for the first half of 2024 rose 14% from 2023, with 388,073 cars sold globally.
