Volvo Cars Reports September Sales Results

Volvo Cars (OTC:VLVLY) (ST:VOLVb) reported global sales of 62,458 vehicles in September, a modest 1% increase compared to the same month last year.

The company experienced a notable surge in sales of its electrified models, which include fully electric and plug-in hybrid vehicles, boasting a 43% year-over-year increase.

Electrified models accounted for 48% of all Volvo cars sold in September, while fully electric vehicles represented 24% of the total sales for the month.

From January through September, Volvo Cars sold 560,922 vehicles globally, reflecting a 10% increase compared to the same period in 2022.

Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars, stated, “The overall market picture remains volatile and uncertain, but we are encouraged by a solid performance in Europe, especially for our electrified car portfolio, spearheaded by the EX30.”

Despite ongoing market uncertainty, the company reported strong sales in Europe, particularly for its electrified models, led by the EX30.

In Europe, Volvo’s September sales reached 31,276 vehicles, a 23% increase compared to the previous year. Electrified models contributed significantly to this growth, with sales rising 52% year-over-year, making up 66% of all Volvo cars sold in the region during the month.

Conversely, the U.S. market displayed different trends, with sales declining 22% to 8,518 vehicles in September. This decrease was partly attributed to public holidays affecting sales. Nevertheless, sales of plug-in hybrid models increased by 43% compared to September 2022.

In China, Volvo Cars sold 12,915 vehicles, a 16% decrease from the same month last year, reflecting difficult macroeconomic conditions. Sales of electrified models in China increased modestly, with 1,363 electrified vehicles sold, representing a 7% increase compared to the same period in 2022.

Among individual models, the Volvo XC60 was the best-seller in September, with 18,096 units sold, down from 20,243 sales in September 2022. The XC40/EX40 followed with 13,930 sales, also a decline from 18,306 in the same period last year. The newly introduced EX30 achieved sales of 9,610 units.