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Volvo’s global sales of 54,200 units in July increased by 21% year-on-year

Volvo has now announced its global sales data for July. In July this year, Volvo’s total global new car sales reached 54,165 units, an increase of 21% over the same period last year. This is Volvo’s eleventh consecutive month of year-on-year growth.

Among them, the sales of new energy vehicles were 18,700, a year-on-year increase of 95%; the sales of plug-in hybrids were 13,200, a year-on-year increase of 65%; the sales of pure electric vehicles were 5,504, a year-on-year increase of 248%, accounting for 10.16% of the total sales.

The company sold 395,856 vehicles globally in the first seven months of 2023, up 18% from a year earlier.

U.S. sales of Volvo cars rose 57 percent to 10,785 vehicles in July. The number of NEVs has increased by 226% compared to last year, and 29% of all cars sold in Volvo Cars’ second-largest market are Recharge models.

The main increase in Volvo’s pure electric sales comes from the European market and the US market. In July, Volvo sold a total of 2,712 pure electric vehicles in Europe, an increase of 173% year-on-year, with a pure electric share of 13%; while in the US market, sales of pure electric vehicles were 1,255, a year-on-year increase of 1235%. also maintained growth.

However, in the Chinese market, Volvo’s demand is relatively weak, and both total sales and pure electric sales have declined. Total sales in July were 14,200 vehicles, a year-on-year decrease of 8%; pure electric sales were only 253 vehicles, a year-on-year decrease of 26%.

In July, the Volvo XC60 was its best-selling model with 18,259 sales (16,261 in 2022), followed by the XC40 at 14,594 (10,640 in 2022) and the XC90 at 8,640 (10,640 in 2022).

In the second quarter of this year, Volvo Group’s net sales increased by 18% to 140.8 billion Swedish kronor. Excluding the impact of currency fluctuations, net sales rose 11 percent.

Adjusted operating profit was SEK 21.732 billion (prior year: 13.745 billion), with an adjusted operating margin of 15.4% (previous year: 11.6%). Adjusted operating profit excludes a charge of SEK 1.270 billion for the previously announced restructuring of Nova Buses and the negative impact of a charge of SEK 6 billion related to claims arising from the European Commission’s 2016 antitrust settlement agreement.

Reported operating profit of SEK 14.462 billion (prior year: 13.745 billion); positive impact of exchange rate fluctuations on operating profit of SEK 817 million; earnings per share SEK 5.30 (previous year: 5.14); Industrial Operations Cash flow from activities was SEK 12,553 million (prior year: 7,199 million); return on capital in Industrial Operations was 30.2% (previous year: 26.8%).

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Stephen Cruise
Stephen Cruisehttps://www.techgoing.com
Stephen Cruise is a senior editor covering latest smartphones, EVs, PC gaming, console, and tech with 11 years of experience.

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