Written by Cláudio Afonso | LinkedIn | X
Volvo Cars reported on Wednesday a 13 percent increase in global sales for May, with a total of 68,034 cars sold compared to the same period last year. This growth was primarily driven by a surge in sales of fully electric models that increased by 58 percent year on year to 17,064 units globally.
Year to date sales reached 316,559 vehicles, marking a 15 percent increase compared to the same period in 2023.
The overall sales of electrified models, which include both fully electric and plug-in hybrid vehicles, grew by 37 percent compared to the same period last year, comprising 48 percent of all cars sold during the month.
In Europe, sales rose by 27 percent to 33,252 cars in May, with electrified models accounting for 66% of all cars sold. This represents a 34% increase in sales of electrified models compared to the same period last year. Notably, sales of fully electric cars in Europe increased by 68%.
In the US, Volvo experienced a 5 percent decline in sales, totaling 10,153 cars. However, sales of plug-in hybrid models increased by 113 percent year-over-year.
Sales in China slightly decreased by 1 percent to 13,934 cars in May. Despite this, sales of fully electric models in China surged by 140 percent, totaling 632 units compared to 263 units in May 2023.
The Volvo XC60 was the top-selling model for May, with 20,507 units sold and it was followed by the XC40 with 13,640 units, and the EX30 with 11,035, which was not available in May last year.
Last month, Volvo Cars announced that has completed the distribution of 62.7 percent of its shares in Polestar Automotive Holding UK PLC to its shareholders in the form of Swedish Depositary Receipts (SDRs).
Earlier this year, Volvo Cars announced the plan to discontinue funding its Polestar electric sports car brand. In early April, the automaker shared that its has decided on the final terms and timetable for the distribution of its stake in Polestar to Volvo Cars’ shareholders.
Written by Cláudio Afonso | LinkedIn | X
