Volvo Cars Sales Report for October 2023

COPENHAGEN (Reuters) – Volvo (OTC:VLVLY) Cars' sales rose 3% year-on-year in October to 61,686 cars, driven primarily by an increase in sales of fully electric and plug-in hybrid models in Europe, the Sweden-based automaker said on Monday.

Volvo Cars, which is majority-owned by China's Geely Holding, said in a statement that sales in Europe, its biggest market, were up 21% to 30,167 cars compared to the same period last year.

Meanwhile, sales in the U.S. declined 17% and sales in China decreased 10%.

Sales of fully electric and plug-in hybrid models were up 40% globally to account for 48% of cars sold in the month. In Europe alone, sales of electrified models increased 46% compared to last year.

Shares in Volvo Cars rose 1.3% in early trade, outperforming Stockholm's benchmark index which was up 0.6%.