The company's sales of electrified models - fully electric and plug-in hybrid models - grew by 13 per cent and accounted for 53.5 per cent of all cars sold during the three-month period. Fully electric cars comprised 29 per cent of all cars, and plug-in hybrid models accounted for 24.5 per cent.  

Sales during the three-month period were significantly impacted by the continuing market downturn in China, caused by increased competitive pressure and a weak macro-environment. In the US, lower demand for electric and plug-in hybrid cars led to a weaker sales development. Overall, the automotive industry, including the premium segment, continues to remain under pressure across all regions.  

"Given the challenging market conditions in China and the US, we are prioritising protecting transaction prices over volume growth," said Erik Severinson, Chief Commercial Officer at Volvo Cars. "In Europe, we are encouraged by the steady performance of our fully electric cars. The growth in customer orders for the EX60 continues to surpass our expectations."