Volvo Car's global sales slipped 7.4% in the three months through August to 148,239 vehicles as demand weakened in the U.S. and China. Electrified models grew 13% to 53.5% of deliveries, with fully electric volumes up 27%.
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Volvo Car sales slip 7.4% as China, U.S. demand weakens
Volvo Car sold 148,239 cars in the three months through August, down 7.4% from 160,160 a year earlier, as continuing market challenges in China and the U.S. cut demand.
The Swedish automaker, majority-owned by China's Zhejiang Geely Holding Group, said lower U.S. appetite for electric and plug-in hybrid vehicles and a market downturn in China drove the decline, according to a statement Wednesday.
Electrified models offered a counterweight, with combined fully electric and plug-in hybrid volumes rising 13% to account for 53.5% of all cars sold in the period. Fully electric deliveries jumped 27%, while plug-in hybrids slipped 1% from a year earlier.
Volvo shares fell 2.05% on the Stockholm exchange after the release. The company said it is managing pricing and volume, prioritizing transaction prices over unit sales in the tougher U.S. and Chinese markets rather than discounting to defend market share.
The softness in Volvo's two largest markets signals a broader demand squeeze facing global automakers as consumers pull back on big-ticket purchases. Investors will watch whether the weakness extends into the fourth quarter, when Volvo's electrification push faces the test of sustaining growth against a cooling U.S. EV market and a sluggish Chinese economy.
This article is for informational purposes only and does not constitute investment advice.
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