Volvo Car AB, the Swedish automobile manufacturer, announced on Monday that its global sales for October increased by 3% compared to the same month last year, reaching a total of 61,686 vehicles, up from 59,861. This growth was largely driven by the robust performance of their electrified vehicle models in the European market. While sales in the United States and China saw a decline, the electrified vehicle sector demonstrated strong results in these regions as well.
Specifically, the sales of Volvo’s electrified models, which include fully electric and plug-in hybrid vehicles, surged by 40% year-over-year, making up 48% of total vehicle sales for October. Notably, fully electric cars accounted for 22% of all vehicles sold during the month.
Conversely, sales of mild hybrids and internal combustion engine (ICE) models dropped by 17%, with only 31,791 units sold.
In Europe, total sales experienced a significant year-over-year increase of 21%, reaching 30,167 units, driven by a 46% rise in sales of electrified models. In China, sales decreased by 10%, despite a 23% increase in electrified models. Similarly, in the United States, overall sales were down by 17%, even though there was an 18% increase in electrified models and a staggering 67% uptick in plug-in hybrid models.
For October, the Volvo XC60 emerged as the best-selling model, with 19,846 units sold. It was followed by the XC40/EX40, with 14,088 units, and the XC90, with 8,517 units.
Overall, for the period from January to October, Volvo’s total vehicle sales amounted to 622,608, marking a 9% increase compared to the previous year.
