Volvo Cars December sales down 3% while electric vehicles rise By Reuters

OSLO (Reuters) – Volvo (OTC:) Cars’ sales fell by 3% year-on-year in December to 73,804 cars as the sale of hybrid vehicles declined, the Sweden-based automaker said on Tuesday.

The number of electrified cars, including fully electric and plug-in hybrid vehicles, rose by 20% year on year in December, while so-called mild hybrids with only internal combustion engines fell by 16%, the company said in a statement.

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that sales for 2024 rose by 8% compared to 2023 to a total of 763,389 cars, boosted by a 54% rise in the number of fully electric models.

Sales of Volvo’s fully electric cars accounted for 23% of all Volvo cars sold globally during 2024, compared to 16% in 2023, the company said.

Shares in the company rose 1.8% by 0819 GMT, exceeding a 0.9% rise in Stockholm’s benchmark index.