May sales of Volvo Cars surge 13% with electric vehicles leading the way

Volvo Cars reported a 13% increase in sales for the month of May, selling a total of 68,034 cars. The boost in sales was largely attributed to a 27% rise in Europe and a strong performance from the fully electric EX30 model.

Notably, sales of fully electric and plug-in hybrid models saw a significant 37% increase, accounting for 48% of global sales for the company. Volvo Cars, based in Sweden and majority-owned by China’s Geely Holding, expressed their satisfaction with the latest sales figures, emphasizing their progress towards their sales target of at least 15% growth by 2024.

On the flip side, sales in the United States and China experienced a slight decline of 5% and 1% respectively. Despite this, Volvo Cars’ shares were up by 1.9% at 0755 GMT, indicating positive market response.

Looking ahead, Volvo Cars is committed to making electric vehicles a significant part of their sales, with a goal of reaching 50% of sales by mid-decade and transitioning to exclusively selling EVs by 2030. The company’s focus on sustainable mobility reflects a broader industry trend towards cleaner and greener transportation options.