Volvo Cars reports 10 pct sales increase in January

Sales of Volvo Cars registered a 10-percent rise in January 2024 year on year, following 17 months of consecutive growth, the company said on Monday.

The automaker sold 53,402 cars last month globally, with the Chinese market, where 16,042 cars were sold, seeing the largest increase of 36 percent. In Europe, the sales grew by 8 percent to reach 23,141 cars and the US market, where 7,716 cars were sold, remained unchanged from the same period of 2023.

Volvo Cars, which was acquired by the Chinese automaker Geely in 2010, aims to exclusively produce fully electric cars by 2030. Fully electric cars accounted for 17 percent of the company's global sales in January, the automaker said in a press release.

Volvo Cars said last week that the year 2023 was a record-breaking year with 708,716 cars sold and the highest revenue and sales profit in the company's 97-year history.

In 2023, the company's revenue increased by 21 percent to 399.3 billion Swedish kronor (37.9 billion US dollars), while the underlying operating profit excluding joint ventures and associates increased by 43 percent to 25.6 billion kronor. (1 Swedish krona = 0.095 US dollar)