The volume of sales in July reached 57,447 cars, 6% more than in the corresponding period of the previous year, the company said on Friday, noting that the increase in sales is mostly connected with the EU market for fully electric vehicles.
Volvo Cars was a majority-owned of the China-based Geely Holding, it revealed that while the company’s overall vehicle sales fell by 11% in the United States and a whopping 31% in China, European sales, which form the biggest market of Volvo Cars, leaped by 40%.
“It is, therefore, with great pride that I report to you yet another month of sales increase comprehensively attributed to sales in Europe in a fairly unfavorable market,” said Bjorn Annwall, deputy CEO- CCO.
First, fully electric vehicles and plug-in hybrid electric vehicle sales were up by 49% des compared a July 2023, especially in Europe, and accounted for 49% of total car sales in July 2024.
Nevertheless, the company sales seem to have risen, as Volvo Car’s share dropped by 0. 7% at 0724 GMT although the company’s stock was still higher than the Stockholm stock market key index which declined by 2%.
In the future within the coming mid of this decade, expect that Volvo Cars would want electric vehicle usage to contribute to 50 percent of all their sales and to exclusively sell electric vehicles by the year 2030.