June 25, 2024
Electric & Hybrid Cars

Volvo Cars reports a 13% increase in May sales, driven by electric vehicles

Volvo Cars’ deliveries increased to 68,034 vehicles in May, marking a 13% rise compared to the same period last year. The growth was primarily driven by a strong 27% surge in Europe and the exceptional performance of the fully electric EX30 model.

The company reported a 37% increase in sales of fully electric and plug-in hybrid models, which now represent 48% of total sales worldwide. Volvo Cars, headquartered in Sweden and majority-owned by China’s Geely Holding, expressed confidence in achieving its sales target of at least 15% growth by 2024.

Despite the overall positive trend, sales in the United States and China experienced slight declines of 5% and 1% respectively. Nevertheless, Volvo Cars’ stock saw a 1.9% increase by 0755 GMT.

Looking ahead, Volvo Cars is committed to having electric vehicles contribute to half of its sales volume by mid-decade, with the ultimate goal of selling only EVs by 2030.

FAQs:

Q: What are Volvo Cars’ sales targets for the future?

A: Volvo Cars aims to achieve at least 15% growth in sales by 2024 and have electric vehicles account for 50% of total sales by mid-decade, with the ambition to sell solely EVs by 2030.

Conclusion:

Volvo Cars’ recent sales figures reflect the company’s steadfast commitment to electrification and sustainable mobility. With a strong focus on electric and plug-in hybrid models, Volvo Cars is well-positioned to drive growth and innovation in the automotive industry.

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