Volvo Cars reported a significant increase in sales for the month of May, with a total of 68,034 cars sold, marking a 13% growth compared to the previous year. The surge was primarily driven by a robust 27% rise in sales in Europe, showcasing the strong performance of its fully electric EX30 model.
Notably, sales of fully electric and plug-in hybrid vehicles saw a remarkable 37% increase, now representing 48% of Volvo Cars’ global sales. This data underscores the company’s commitment to advancing towards its sales target, aiming for a minimum of 15% growth by 2024.
While the sales figures in Europe were promising, there was a slight decline of 5% in the United States and 1% in China. Despite this, Volvo Cars remains optimistic about the growth potential in these key markets.
With an ambitious vision in mind, Volvo Cars is striving to have electric vehicles contribute to half of its sales by mid-decade, with an ultimate goal of exclusively selling EVs by 2030. This aligns with the company’s broader sustainability efforts and commitment to reducing carbon emissions.
As a result of these strong sales results and future-focused strategies, Volvo Cars’ shares saw a 1.9% increase by 0755 GMT, reflecting investor confidence in the brand’s direction and performance. The automotive industry is witnessing a significant shift towards electric mobility, and Volvo Cars is positioning itself at the forefront of this transformative trend.
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