STOCKHOLM – Volvo Vehicles’ gross sales in October grew 10% from a yr earlier to 59,861 vehicles as absolutely electrical automobile gross sales jumped however hybrid fashions fell, the Sweden-based group mentioned on Friday.
Volvo Vehicles mentioned in a press release gross sales of absolutely electrical vehicles rose 29% to account for 18% of all its vehicles offered within the month. Gross sales of hybrid vehicles, nevertheless, fell 8%. In complete, all recharge fashions have been up 7% to account for 36% of complete gross sales.
Shares within the group, which is majority-owned by China’s Geely Holding, have been up 6% in morning commerce, taking the year-to-date drop to 12%.
CEO Jim Rowan final week mentioned he noticed wholesome demand for Volvo vehicles and widening revenue margins for its battery electrical autos (BEV) this quarter, towards the third, because the group posted third-quarter earnings that lagged estimates.
Rivals akin to Common Motors, Ford, Tesla and Volkswagen have earlier warned that demand for EVs was not creating as anticipated.
Volvo Vehicles mentioned on Friday that gross sales within the greatest market Europe have been up 13% in October. Gross sales within the U.S. have been up 19% whereas, in China, they have been flat.
(Reporting by Anna Ringstrom, Enhancing by Terje Solsvik and Jacqueline Wong)
