Volvo Cars Sales Report for September 2023

COPENHAGEN (Reuters) – Volvo Cars’ sales rose by 1% year-on-year in September to 62,458 cars, as reported by the Sweden-based automaker on Wednesday amid a volatile and uncertain market.

Volvo (OTC:VLVLY) Cars, majority-owned by China’s Geely Holding, stated that total sales in Europe, its biggest market, increased by 23%. However, sales in the United States and China declined by 22% and 16%, respectively.

Deputy CEO and Chief Commercial Officer Bjorn Annwall mentioned, “The overall market picture remains volatile and uncertain, but we are encouraged by a solid performance in Europe, especially for our electrified car portfolio.”

Sales of fully electric and plug-in hybrid models rose by 43%, accounting for 48% of all cars sold in September, with fully electric cars making up about a quarter of the total sales for the month.

Despite the sales increase, shares in the company fell by 2.4% by 0731 GMT, underperforming Stockholm’s benchmark stock market index, which was up by 0.2%.

In the previous month, the company abandoned its EV-only target for 2030 and reduced its margin and revenue expectations, citing the impact of tariffs and decreased demand for electric vehicles.