COPENHAGEN — Volvo Cars reported a 6% increase in sales year-on-year for July, totaling 57,447 vehicles. This growth was largely attributed to a rise in fully electric vehicle sales in Europe, the company's largest market. While European sales surged by 40%, sales in the United States and China dropped by 11% and 31%, respectively.
Deputy CEO and Chief Commercial Officer Bjorn Annwall highlighted the positive results despite a challenging market environment. Sales of fully electric and plug-in hybrid models grew by 49% compared to the same period last year, making up 49% of total sales in July
The company's shares declined by 0.7% as of 0724 GMT, but still performed better than Stockholm’s benchmark index, which fell by 2%.
Volvo Cars is targeting to have electric vehicles constitute half of its sales by the mid-2020s, with a goal to transition to an all-EV lineup by 2030.
