Published by Global Banking & Finance Review®
Posted on November 4, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleVolvo Cars' October sales fell 2% due to tough market conditions and EV tax credit changes, with electric car sales rising by 4%.
COPENHAGEN (Reuters) -Volvo Cars <VOLCARb.ST> sold 60,455 cars in October, down 2% compared to the same period last year, the Sweden-based company said on Tuesday.
"This month's sales figures reflect the challenging market conditions that continue to impact our business," Chief Commercial Officer Erik Severinson said in a statement.
"In the United States, the phase-out of EV (electric vehicle) tax credits is the driver of the softer figures for the month, which is impacting not only Volvo Cars but the automotive industry at large," he said.
Volvo Cars, which is majority-owned by China's Geely, said in a statement sales of fully electric cars rose 4% to account for 23% of total sales volumes. Sales of electrified cars as a whole, also including plug-in hybrids, were down 1% and accounted for 49% of total sales volumes.
(Reporting by Stine Jacobsen, editing by Terje Solsvik)
An electric vehicle (EV) is a type of vehicle that is powered by electric motors instead of traditional internal combustion engines. EVs use electricity stored in batteries to operate, offering a more environmentally friendly alternative to gasoline-powered vehicles.
Sales figures refer to the data that represents the number of products sold within a specific period. These figures are crucial for assessing a company's performance and market demand.
A plug-in hybrid is a vehicle that combines a conventional internal combustion engine with an electric propulsion system. It can be charged from an external power source and typically offers improved fuel efficiency.
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