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Volvo Cars’ July sales rise 6% driven by European EVs
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COPENHAGEN (Reuters) -Volvo Cars’ sales rose 6% year-on-year in July to 57,447 cars, driven by an increase in fully electric vehicles in Europe, the Sweden-based automaker said on Friday.
COPENHAGEN (Reuters) -Volvo Cars’ sales rose 6% year-on-year in July to 57,447 cars, driven by an increase in fully electric vehicles in Europe, the Sweden-based automaker said on Friday.
Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that total sales in Europe, the biggest market for Volvo Cars, were up 40%, while sales in the United States and China fell by 11% and 31%, respectively.
“We are pleased to report another month of sales growth, which is driven largely by the sales in Europe despite a generally challenging market environment,” deputy CEO and Chief Commercial Officer Bjorn Annwall said in the statement.
Sales of fully electric and plug-in hybrid models were up 49% compared to the same period of 2023, especially driven by Europe, and also accounted for 49% of all cars sold during July.
Shares in the company fell 0.7% by 0724 GMT, outperforming Stockholm’s benchmark stock market index which traded down 2%.
Volvo Cars aims to have electric vehicles account for half of its sales by volume by mid-decade and hopes to sell only EVs by 2030.
(Reporting by Stine Jacobsen, editing by Terje Solsvik)
A fully electric vehicle (EV) is a car powered entirely by electricity, using batteries instead of gasoline or diesel. These vehicles produce zero tailpipe emissions and are considered more environmentally friendly.
A plug-in hybrid vehicle (PHEV) combines a traditional internal combustion engine with an electric motor. It can be charged from an external power source and operates on both electricity and gasoline.
Market share is the percentage of an industry's sales that a particular company controls. It is a measure of a company's competitiveness and performance in the market.
Sales growth refers to the increase in sales revenue over a specific period, often expressed as a percentage. It indicates a company's ability to expand its market presence and increase profitability.
A stock market index is a measurement of the performance of a specific group of stocks. It reflects the overall market or a particular sector's performance, helping investors gauge market trends.
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