Volvo Cars Reports 31% Global Sales Increase in May 2023

Key Highlights :

1. Volvo Cars sold 60,398 cars in May, an increase of 31% compared to the same month last year.

2. The growth was primarily driven by the surge in sales of Volvo's fully electric vehicles, which experienced a 196% rise during this period.

3. In the United States, Volvo Cars experienced a growth rate of 14% in May, with 10,723 vehicles sold. The Recharge models account for a 28% share of total sales, while the sales of fully electric cars saw a 66% increase compared to last year.

4. The Chinese market also demonstrated steady growth, as Volvo Cars sold 14,121 vehicles in May, reflecting a 49% year-on-year increase. Recharge models have seen a 116% surge contributing to 8% of the total sales in China.

     Volvo Cars has reported a 31 per cent increase in global sales for the month of May 2023, with a total of 60,398 cars sold worldwide. This growth was driven primarily by the surge in sales of Volvo's fully electric vehicles, which experienced a 196 per cent rise during this period. The company's Recharge models, which include fully electric and plug-in hybrid cars, accounted for 40 per cent of Volvo's global sales during the month, and Volvo’s fully electric cars contributed 18 per cent of the total.

     The Volvo XC60 was the top-selling model in May 2023, with sales totalling 18,052 vehicles, followed closely by the XC40, which achieved sales of 17,596 units. The XC90 also performed well, with 9,058 cars sold. During the first 5 months of 2023, Volvo Cars achieved sales of 2,75,312 vehicles, which is a 14 per cent increase compared to the same period in 2022.

     Europe emerged as a strong market for Volvo Cars, with sales reaching 26,272 vehicles in May, marking a 40 per cent year-on-year increase. Recharge models dominated the European market, accounting for 63 per cent of overall sales, while fully electric cars represented 29 per cent of the total. In the United States, Volvo Cars experienced a growth rate of 14 per cent in May, with 10,723 vehicles sold. The Recharge models accounted for 28 per cent of total sales, while the sales of fully electric cars saw a 66 per cent increase compared to last year.

     The Chinese market also demonstrated steady growth, as Volvo Cars sold 14,121 vehicles in May, reflecting a 49 per cent year-on-year increase. Recharge models have seen a 116 per cent surge contributing to 8 per cent of the total sales in China.

     Overall, Volvo Cars is continuing to experience strong growth in sales of its Recharge models, with fully electric and plug-in hybrid cars playing a significant role in the sales boost. This is a positive sign for the company as it continues to expand its range of electric vehicles, and as more customers switch to electric vehicles, Volvo Cars is well-positioned to capitalize on this trend.

Continue Reading at Source : carandbike