Volvo Cars sales increased by 10% in October – Kommersant
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At the end of October, car sales of the Swedish company Volvo Cars increased by 10% year on year. As the company points out in its statementGlobal auto sales continued to grow for the 14th month in a row. The main driver of growth was electric vehicles, sales of which increased by 29% year on year.
In October, Volvo Cars, whose majority owner is the Chinese holding Geely, sold almost 60 thousand cars, of which 36% were hybrid and electric vehicles. At the same time, the Swedish manufacturer’s competitors, including General Motors, Tesla, and Volkswagen, previously noted that demand for electric vehicles is growing at a slower pace than expected. In Volvo Cars’ largest market, Europe, sales increased by 13% compared to October 2022. In the US, the company’s sales showed a 19 percent increase, while in China they remained at the same level. The most popular model in October was the XC 60. The company’s shares on the Stockholm Stock Exchange reacted to the October results with an increase of almost 4%.
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