Volvo Cars August-October sales volumes down 16% year-on-year

Volvo Cars Q3 Sales Down 16% Despite Strong Surge in Electric Vehicle Orders

Volvo Cars Q3 2023 Sales Performance Overview

Overall Sales Figures

STOCKHOLM, Nov 4 (Reuters) - Sweden-based Volvo Cars sold 141,656 vehicles in the three months through October, down 16% from the same period a year earlier, the company said on Wednesday.

Electric and Hybrid Vehicle Sales

Fully Electric Car Sales

• Fully electric car sales volumes rose 27% to account for 34% of total sales, while plug-in hybrid sales fell 30%, accounting for 20% of volumes, it said

Plug-in Hybrid Sales

• "In China, we are adapting to lower demand and focusing on stabilising the business rather than chasing volumes," the company said in a statement

Regional Market Insights

China Market

• "In China, we are adapting to lower demand and focusing on stabilising the business rather than chasing volumes," the company said in a statement

Europe Market

• "In Europe, underlying demand for our fully electric cars remains strong, particularly for the EX60, with orders already exceeding 50,000 cars"

EX60 Model Performance

• "(EX60) deliveries are currently impacted by the ongoing production ramp-up, but we are steadily improving built volumes"

Company Ownership and Financial Update

Ownership Structure

• Volvo Cars is majority-owned by China's Geely Holding

Recent Financial Results and Job Cuts

• The company last month posted weaker-than-expected earnings and said it will cut another 2,500 jobs, sending its share price to record lows

(Reporting by Anna Ringstrom, editing by Terje Solsvik and Louise Rasmussen)