Volvo Cars reports surge in sales driven by Electric Vehicles

Volvo Cars reported a significant increase in sales for the month of May, with a total of 68,034 cars sold, marking a 13% growth compared to the same period last year. The boost in sales was primarily driven by a 27% surge in Europe, along with a strong performance by its fully electric EX30 model. The company highlighted that sales of fully electric and plug-in hybrid vehicles saw a substantial 37% increase, constituting 48% of total group sales globally.

In a statement released on Wednesday, Volvo Cars, majority-owned by China's Geely Holding, expressed satisfaction with the sales figures and reiterated their commitment to achieving a sales growth target of at least 15% by 2024. Despite the overall positive trend, sales in the United States and China experienced a slight decline of 5% and 1%, respectively.

The company's shares responded positively to the news, rising by 1.9% by 0755 GMT. Looking ahead, Volvo Cars has set ambitious goals for its electric vehicle sales, aiming for them to represent half of its total sales volume by the mid-decade and ultimately transitioning to sell only electric vehicles by 2030.

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