Volvo Cars sees 13% sales increase in May, powered by electric

Volvo Cars reported a 13% increase in sales for May, reaching a total of 68,034 vehicles sold. This surge was primarily driven by a significant 27% rise in European markets and the robust performance of its fully electric EX30 model, the company announced on Wednesday.

“May’s sales figures highlight our continuous progress towards achieving our sales target of at least 15% growth for 2024,” Volvo Cars said. The company’s commitment to electric vehicles is evident as sales of fully electric and plug-in hybrid models saw a remarkable 37% increase, now making up 48% of global sales.

Sweden-based Volvo Cars, majority-owned by China’s Geely Holding, has ambitious plans for the future. “We aim for electric vehicles to account for half of our sales by volume by the mid-decade and hope to exclusively sell EVs by 2030,” the company reiterated.

Despite the positive overall performance, sales in the United States and China experienced slight declines, falling by 5% and 1%, respectively. However, this did not deter investor confidence, as shares in the company rose by 1.9% by 0755 GMT.

The shift towards electric vehicles is a crucial part of Volvo Cars’ strategy to stay competitive in the evolving automotive market. With the impressive growth in electric and hybrid sales, the company is steadily moving towards its goal of a more sustainable and electrified future.

Read more on Volkswagen’s low-cost electric vehicle aims to disrupt market, beat Chinese competitors