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Volvo Cars reports 7.1 percent global sales growth in October

GLOBAL ANNOUNCEMENT

 

Volvo Cars global sales continued to grow in October, with volumes up 7.1 percent compared with the same period last year, driven by double digit sales increases in China and the US.

 

The company sold 65,290 cars during the month and the volume growth was driven by a 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 ten months, compared with the same period last year, and now make up 16.0 percent of global sales. In Europe, the share was 27.0 percent the same period.

 

In the first ten months, Volvo Cars sold 516,418 cars, down 9.2 percent compared with the same period last year.

 

In China, sales reached 16,723 cars, up 19.1 percent compared with October last year. In the first ten months of the year, sales grew by 5.2 percent, compared with the same period last year.

 

US sales in October continued to grow year-on-year during the month and reached 10,691 cars, up 21.4 percent compared with the same month last year. In the first ten months, US sales declined by 2.3 percent to 84,295 cars, compared with the same period last year.

 

Volvo Cars’ sales in Europe reached 28,154 cars in October, down 4.6 percent versus the same month last year. In the the first ten months of the year, sales declined by 17.6 percent year-on-year.

 

In October, the XC40 compact SUV was the top selling model for Volvo Cars, followed by the XC60 mid-size SUV and the XC90 large SUV. During the month, SUVs accounted for 73.3 percent of the company’s total sales, up from 65.3 percent in same month last year.

 

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

                      

October

 

 

January-October

 

 

 

 

2019

2020

Change

2019

2020

Change

Europe

29,510

28,154

-4.6%

277,120

228,215

-17.6%

China

14,039

16,723

19.1%

123,551

130,001

5.2%

US

8,807

10,691

21.4%

86,239

84,295

-2.3%

Other

8,603

9,772

13.0%

81,753

73,953

-9.6%

Total

60,959

65,290

7.1%

568,663

516,418

-9.2%

 

During the first ten months, the XC60 was the top selling model with total sales of 149,855 cars (2019: 163,827 cars), followed by the XC40 with 142,159 cars (2019: 108,295 cars) and the XC90 with 70,195 cars (2019: 80,010 cars)

 

 

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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 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 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
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