Investing.com -- Volvo Cars (OTC:VLVLY) (ST:VOLVb) reported global sales of 62,458 vehicles in September, a meager 1% rise compared to the same month last year.
The company reported a surge in sales of its electrified models, which include fully electric and plug-in hybrid vehicles, with a 43% year-over-year increase.
These electrified models accounted for 48% of all Volvo cars sold in September, while fully electric vehicles made up 24% of the total sales for the month.
From January through September, Volvo Cars sold 560,922 vehicles globally, reflecting a 10% rise compared to the same period in 2023.
“The overall market picture remains volatile and uncertain, but we are encouraged by a solid performance in Europe, especially for our electrified car portfolio, spearheaded by the EX30,” said Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars.
Despite ongoing market uncertainty, the company reported strong sales in Europe, particularly for its electrified models, led by the EX30.
In Europe, Volvo’s September sales reached 31,276 vehicles, a 23% increase compared to the previous year. Electrified models played a major role in this growth, with sales rising 52% year-over-year and making up 66% of all Volvo cars sold in the region during the month.
However, the U.S. market showed a different trend, with sales declining 22% to 8,518 vehicles in September. The decrease was partly due to public holidays affecting sales. Despite the overall drop, sales of plug-in hybrid models rose by 43% compared to September 2023.
In China, Volvo Cars sold 12,915 vehicles, a 16% decline from the same month last year, reflecting challenging macroeconomic conditions. Electrified model sales in China increased modestly, with 1,363 electrified vehicles sold, a 7% rise compared to the same period in 2023.
Among individual models, the Volvo XC60 was the best-seller in September, with 18,096 units sold, though this was down from 20,243 sales in September 2023.
The XC40/EX40 followed with 13,930 sales, also a decline from 18,306 in the same period last year. The newly introduced EX30 saw sales of 9,610 units.