Volvo Cars' May sales jump 13%, amid surge in electric vehicles
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2024
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Source: SeekingAlpha
- Volvo Cars May Sales Report: Volvo Cars reported a 13% increase in sales volume in May 2024 compared to the same month last year, with strong performance in Europe and the success of the fully electric small SUV, the EX30, driving the surge.
- Regional Sales Performance: Sales in Europe rose by 27% year-over-year (Y/Y) to 33,252 cars, with fully electric car sales up by 34% Y/Y. However, China saw a 1% drop in sales, and the US experienced a 5% decrease.
- Electric and Hybrid Models: Sales of fully electric and plug-in hybrid models increased by 37%, accounting for 48% of group sales globally. Fully electric cars made up 25% of all cars sold in May 2024.
- Year-to-Date Sales: From January to May 2024, Volvo Cars sold 316,559 cars globally, marking a 15% increase compared to the same period in 2023.
- Top-Selling Models: The Volvo XC60 was the best-selling model in May with 20,507 cars sold, followed by the XC40 and the EX30 with 13,640 and 11,035 cars sold, respectively.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
