Volvo Cars reported global sales of 39,742 cars in February, down 8 per cent compared to the same period last year, as volumes were impacted due to continued sales pressure in China as a result of the coronavirus. The ambition is to recover the lost volumes through global sales throughout the remainder of the year.
Volvo Cars’ other regions maintained growth momentum for the month, with volume increases of 18.2 per cent in the United States and 1.9 per cent in Europe in February compared with the same period last year.
The company’s top three European markets of Sweden, Germany and the United Kingdom also posted strong sales performance for the month.
In February, Volvo Cars’ award-winning SUVs maintained steady growth, with total SUV volumes reaching 27,518 cars sold, accounting for 69.2 per cent of the company’s total sales. In February, the XC40 was the top-selling SUV, followed by the XC60 and the XC90.
Volvo Cars’ Recharge line-up of chargeable Volvo models also saw an 88.4 per cent jump in February sales compared with the same period last year. Recharge is the overarching brand name for all chargeable Volvo models with a fully electric or plug-in hybrid powertrain.
The US reported a solid sales performance in February, with volumes up 18.2 per cent compared with the same period last year to 7,841 cars. Volvo’s XC90 SUV was the top-selling model in the region for the month, followed by the XC60.
Volvo Cars’ sales in Europe reached 23,442 cars, up 1.9 per cent compared with the same period last year. Sweden, the company’s largest market in the region, reported a 5.3 per cent year-on-year growth in volumes, whiles sales in Germany and the UK increased by 20.6 per cent and 10.8 per cent respecitvely. The XC40 was the highest-selling car in Europe for the month, followed by the XC60.
Sales in China were impacted in February by the spread of the coronavirus, as many retail outlets were closed down for the month. Total volumes in February were down 81.5 per cent compared with last year, to 1,205 cars.
A detailed break-up of sales in the regions is given below:
|
February |
January-February |
|||||
|
2019 |
2020 |
Change |
2019 |
2020 |
Change |
|
|
Europe |
23,000 |
23,442 |
1.9% |
49,195 |
46,252 |
-6.0% |
|
China |
6,516 |
1,205 |
-81.5% |
18,473 |
11,220 |
-39.3% |
|
US |
6,635 |
7,841 |
18.2% |
12,489 |
13,998 |
12.1% |
|
Other |
7,033 |
7,254 |
3.1% |
13,706 |
14,024 |
2.3% |
|
Total |
43,184 |
39,742 |
-8.0% |
93,863 |
85,494 |
-8.9% |
In February, the XC40 was the top-selling model, with sales of 11,004 cars (2019: 8,176 units), followed by the XC60 at 10,847 cars (2019: 12,630 units) and the XC90 with sales of 5,667 cars (2019: 5,752 units).
-ends-
-------------------------------
Volvo Car Group in 2019
For the 2019 financial year, Volvo Car Group recorded an operating profit of 14.3 BSEK (14.2 BSEK in 2018). Revenue over the period amounted to 274.1 BSEK (252.7 BSEK). For the full year 2019, global sales reached a record 705,452 (642,253) cars, an increase of 9.8 per cent versus 2018. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected premium car brands in the world, with sales of 705,452 cars in 2019 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding of China since 2010.
In 2019, Volvo Cars employed on average approximately 41,500 (41,500) full-time employees. Volvo Cars’ head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ head office for APAC is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China), and body components in Olofström (Sweden).
Under its new company purpose, Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This purpose is reflected into a number of business ambitions: for example, by the middle of this decade, it aims for half of its global sales to be fully electric cars and to generate half of its revenue from its direct consumer business. Volvo Cars is also committed to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
