Volvo Cars Reports 25% Increase in September Sales, Demand Grows in China According to Reuters

STOCKHOLM (Reuters) – Volvo Cars reported a 25% increase in sales for September compared to the same month last year, totaling 61,666 vehicles. This growth was attributed to rising sales in China, the U.S., and Europe, as announced by the Sweden-based automotive group on Thursday.

In August, the company’s sales had risen by 18%, driven by increased demand in Europe and the U.S., although sales in China experienced a decline.

Volvo Cars, which has a majority ownership by Geely Holding from China, revealed that September sales saw a remarkable 65% increase in the U.S., 32% in Europe, and a modest 4% in China.

The company also noted that sales of fully electric vehicles surged by 52%, making up 15% of all vehicles sold during the month. Additionally, all rechargeable models, which include hybrids, experienced a 37% increase, accounting for 34% of total sales.

Shares of Volvo Cars, which aims for double-digit retail sales growth for the year, rose by 2% in early trading.