Volvo Cars October sales rise 3% year-on-year

VOLVO Cars’ sales rose 3 per cent year-on-year in October to 61,686 cars driven primarily by an increase in sales of fully electric and plug-in hybrid models in Europe, the Sweden-based automaker said on Monday (Nov 4).

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that sales in Europe, its biggest market, were up 21 per cent to 30,167 cars compared to the same period last year.

Meanwhile sales in the US declined 17 per cent and sales in China decreased 10 per cent.

Sales of fully electric and plug-in hybrid models were up 40 per cent globally to account for 48 per cent of cars sold in the month. In Europe alone, sales of electrified models increased 46 per cent compared to last year.

Shares in Volvo Cars rose 1.3 per cent in early trade, outperforming Stockholm’s benchmark index which was up 0.6 per cent. REUTERS