Volvo Car AB, identified by its stock symbol VLVOF, reported on Tuesday that its February sales fell by 2 percent, dipping to 50,315 units. The Lunar New Year celebrations in China were named as the cause of this decrease.
Among the total sales count for February, sales of completely electric and plug-in hybrid models experienced growth. The demand for fully electric models went up by 14 percent, while plug-in hybrids saw a modest 2 percent increase. This surge was primarily fueled by the rising demand for Volvo's newest fully-electric compact SUV.
In geographical terms, Volvo's February sales in Europe demonstrated a robust 26 percent growth, totaling 26,773 cars. However, sales in the United States slightly dropped by 7 percent, settling at a figure of 7,920 cars for the same month.
Focusing on individual model performance, Volvo's latest debut in the fully electric vehicle segment, the EX30, posted sales of 5,863 cars in the initial two months of 2024.
At present, Volvo's stock is experiencing a downturn of 2.32 percent, trading at $3.37 on the Other OTC.
