Volvo Cars' Sales Up 7% In October On "Robust" Underlying EV Demand

November 2, 2022

Sweden-based Volvo Car AB said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars.

"Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars," it said in a statement.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 15% of sales. Recharge models including those not fully electric accounted for 37%.

The group last week reported a drop in quarterly operating profit as higher costs bite and predicted slightly lower wholesale volumes in 2022 than last year.

Its shares were down 1.4% in Stockholm at 0920 GMT.

Source: Reuters
Image source: Volvo

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