Volvo Cars Reports 10% Global Sales Increase in October 2023
Investing.com – Volvo (ST:VOLVb)(OTC:VLVLY) Cars' shares rose on Monday as the automaker reported a 10% rise in global car sales for October 2023, reaching a total of 59,861 units.
Growth Driven by Electrified Vehicles
The increase was driven primarily by the company's electrified vehicle lineup, especially its fully electric models, which continue to perform well as the automotive industry shifts toward more sustainable transportation.
In October alone, sales of fully electric vehicles surged by 29% compared to the same period last year, accounting for 18% of Volvo’s total sales, up from 12% in October 2022.
Regional Sales Highlights
The growth momentum for Volvo was evident across several key regions:
– Europe: Sales rose by 13%, totaling 24,892 units. Recharge models (fully electric or plug-in hybrid) constituted 55% of all Volvo sales in the region during October. However, there was a slight dip in plug-in hybrid sales compared to the previous year.
– United States: Reported a 19% increase compared to October 2022, totaling 11,296 cars sold. Fully electric car sales surged by 49%, indicating a growing appetite for electric vehicles. Recharge models made up 27% of Volvo’s U.S. sales.
– China: Displayed mixed results, with sales remaining flat at 15,041 units. However, there was a 27% increase in Recharge model sales, indicating a gradual shift towards electrification despite a stagnant overall vehicle market.
Top Selling Models
Among Volvo’s model lineup, the XC60 emerged as the top performer with 20,212 units sold globally, an increase from 17,531 in October 2022. It was followed by the XC40 with 17,022 units, also seeing an increase from 14,883 in 2022. The XC90 rounded out the top three with 7,961 units sold, slightly up from 7,651 units in October 2022.
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