Volvo sees 29% jump in EV sales

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Volvo sees 29% jump in EV sales
Credit: © Reuters.

Volvo (OTC: VLVLY ) Cars released a recent report showing a 10% increase in sales during October compared to the previous year, with 59,861 cars sold.

The increase was largely attributed to a significant surge in fully electric car sales, although there was a noticeable decline in hybrid model sales.

The Sweden-based automotive group also highlighted that fully electric car sales witnessed a remarkable 29% increase, constituting 18% of the total cars sold for the month.

Sales of hybrid cars saw an 8% decline. Overall, sales of all recharge models collectively saw a 7% rise, representing 36% of the total sales volume.

The company's shares, primarily owned by China's Geely Holding, witnessed a 6% surge in morning trading, bringing Volvo’s year-to-date decline to 12%.

Following the company’s 3Q profit report last week, CEO Jim Rowan expressed optimism on the robust demand for Volvo cars and the projected expansion of profit margins for its battery electric vehicles (BEV) in the current quarter, compared to the previous one.

Volvo Cars announced Friday that sales in its largest market, Europe, experienced a notable 13% increase in October. Meanwhile, sales in the United States saw a significant 19% rise. However, sales in China remained steady without any noticeable change.

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