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Volvo Cars reports 6.4 per cent global sales growth in November, US sales recover

Volvo Cars’ global sales continued to grow in November, with volumes up 6.4 per cent compared with the same period last year. The sales increase was driven by a strong performance in China and in the US, where losses from earlier COVID-19 shut-downs were fully recovered.

 

The company sold 66,579 cars during the month, and the volume growth was driven by continued strong demand for Volvo Cars’ award-winning SUV range.

 

The share of Recharge models, with a fully electric or plug-in hybrid powertrain, more than doubled in the first 11 months of the year compared with the same period last year, and now make up 16.4 per cent of global sales. In Europe, the share was 27.8 per cent in the same period.

 

In the first 11 months of the year, Volvo Cars sold 582,997 cars, down 7.6 per cent compared with the same period last year.

 

In China, sales reached a monthly all-time high of 18,032 cars, up 24.3 per cent compared with November last year. In the first 11 months of the year, sales grew by 7.2 per cent compared with the same period last year.

 

US sales in November continued to grow year-on-year during the month and reached 11,590 cars, up 20.3 per cent compared with the same month last year. In the first 11 months of the year, US sales were flat at 95,885 cars compared with the same period last year.

 

Volvo Cars’ sales in Europe reached 26,094 cars in November, down 10.8 per cent versus the same month last year. In the first 11 months of the year, sales declined by 17.0 per cent year-on-year.

 

In November, the XC60 mid-size SUV was the top-selling model for Volvo Cars, followed by the XC40 compact SUV and the XC90 large SUV. During the month, SUVs accounted for 73.4 per cent of the company’s total sales, up from 68.0 per cent in the same month last year.

  

A detailed break-up of regional sales is given below:

 

November

 

 

January-November

 

 

 

 

2019

2020

Change

2019

2020

Change

Europe

29,261

26,094

-10.8%

306,381

254,309

-17.0%

China

14,502

18,032

24.3%

138,053

148,033

7.2%

US

9,635

11,590

20.3%

95,874

95,885

0.0%

Other

9,152

10,863

18.7%

90,905

84,770

-6.7%

Total

62,550

66,579

6.4%

631,213 

582,997

-7.6%

 

During the first 11 months of the year, the XC60 was the top-selling model, with total sales of 169,445 cars (2019: 182,782 cars), followed by the XC40 with 161,329 cars (2019: 123,403 cars) and the XC90 with 80,275 cars (2019: 89,697 cars).

 

-ends-

 

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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 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 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 in 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 establish five million direct consumer relationships. Volvo Cars is also committed to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.

Keywords:
Sales Volumes