Volvo Car AB (publ): Volvo Cars reports October sales

Volvo Cars reported global sales of 60,455 cars in October, down 2 per cent compared to the same period last year.

"This month's sales figures reflect the challenging market conditions that continue to impact our business," said Erik Severinson, Chief Commercial Officer. "However, we are seeing encouraging signs in the highly competitive Chinese market, supported by the ramp-up of deliveries of the new XC70 long-range plug-in hybrid. Likewise, I am pleased by the pickup in demand in Europe and smaller markets in the rest of the world, especially for BEVs, which contributes to a positive momentum in these regions. In the US, the phase-out of EV tax credits is the driver of the softer figures for the month, which is impacting not only Volvo Cars but the automotive industry at large."

The company's sales of electrified models - fully electric and plug-in hybrid models - accounted for 49 per cent of all cars sold during October, a decrease by 1 per cent compared to the same period last year. The share of fully electric cars constituted 23 per cent of all cars sold for the month, while the share of plug-in hybrid models accounted for 26 per cent.

In October, the XC60 was the top-selling model with sales of 18,123 cars (2024: 19,846), followed by the XC40/EX40, with total sales of 15,194 cars (2024: 14,088) and the XC90 at 7,417 cars (2024: 8,517).