Volvo Cars: Volvo Cars’ hybrid car sales decline as all-electric models register significant growth

Volvo Cars reported a 10% increase in sales in October, with 59,861 cars sold, according to a statement released on Friday. The company noted a notable 29% surge in sales of fully electric cars, contributing to 18% of total sales for the month. However, hybrid car sales saw an 8% decline. Despite this, all recharge models collectively saw a 7% increase, making up 36% of overall sales, reported Reuters.

In the stock market, Volvo Cars’ shares rose 6% during morning trade, mitigating the year-to-date decline to 12%.CEO Jim Rowan, in recent statements, expressed positive expectations for both demand for Volvo cars and profit margins for its batteryelectric vehicles (BEV) in the current quarter, in comparison to the previous quarter. This optimistic outlook follows the group’s third-quarter profits falling short of estimates.
In contrast, competitors like General Motors, Ford, Tesla, and Volkswagen had previously cautioned about underwhelming development in demand for electric vehicles (EVs).
Volvo Cars highlighted a 13% sales increase in Europe, a 19% rise in the U.S., and steady sales in China.