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Sales of Volvo Electric Cars Grew 10 Percent

Volvo electric car (EV) sales grew 10 percent to 59,861 car units in October 2023, compared to the
same period the previous year.

Volvo Cars was reported by Reuters on Friday (3/11) as saying that this year sales of fully electric cars
rose 29 percent or accounted for 18 percent of all cars sold that month.

On the other hand, the increase in sales of fully electric cars resulted in a decline in sales of hybrid
cars by 8 percent. Volvo shares, which are majority owned by Geely from China, also managed to rise
6 percent on Friday (3/11).

Volvo said Friday that its sales in Europe rose 13 percent in October, in the US rose 19 percent, while
in China sales stagnated.Volvo CEO Jim Rowan is optimistic that the company’s profit margin will increase by the end of this
year in line with stable demand for battery-powered electric cars (BEV).

On the other hand, other manufacturers such as General Motors, Ford, Tesla and Volkswagen are
wary of a decline in electric car sales at the end of this year.

Source : Antara

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