Volvo Cars reports 7.1 per cent global sales growth in July

Volvo | Aug 2, 2019 at 12:00 AM

Volvo Cars global sales continued to grow at a steady pace in July, up 7.1 per cent compared with the same period last year.

Total sales during the month reached 54,546 cars, as all the regions of China, US and Europe reported a growth in volumes.

In the January to July period Volvo’s total sales reached 395,372 up 7.3 per cent compared with the same period last year.

The volume growth in July was on the back of continued strong demand for Volvo’s award winning SUVs led by the XC60, followed by the XC40 and the XC90. The company’s latest models the V60 Estate, the US-made S60 sedan and the V60 Cross Country also contributed to the volumes.

Volvo’s sales in Europe reached 25,518 cars in the month, up 4.8 per cent compared with the same period last year. The XC40 was the top selling model in the region during the month, followed by the XC60.

Sales in China grew 24.9 per cent compared with the same period last year, to reach 12,639 cars. The growth was led by strong demand for the locally produced XC60 and the S90. The XC40, which started local production recently, also contributed to the volume growth.

US sales reached 8,795 cars during the month, up 2.0 per cent compared with the same period last year. The XC90 was the top selling car in the region during the month, followed by the XC60 and the XC40.

A detailed break up of regional sales is given below.

Globally, the XC60 continued to be the top selling model in July with sales reaching 14,740 cars (2018: 14,231 units), followed by the XC40 with sales of 12,198 cars (2018: 9,005 units) and the XC90 at 7,625 cars (2018: 7,157 units).

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Volvo Car Group in 2018

For the 2018 financial year, Volvo Car Group recorded an operating profit of 14,185 MSEK (14,061 MSEK in 2017). Revenue over the period amounted to 252,653 MSEK (208,646 MSEK). For the full year 2018, global sales reached a record 642,253 (571,577) cars, an increase of 12.4 per cent versus 2017. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.

About Volvo Car Group

Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected premium car brands in the world with sales of 642,253 cars in 2018 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding of China since 2010.

In 2018, Volvo Cars employed on average approximately 43,000 (39,500) full-time employees. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

Under its new company purpose, Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This purpose is reflected into a number of business ambitions: by the middle of next decade it aims for half of its global sales to be fully electric cars and to offer half of all cars to customers via its subscription service. By then, it also expects one-third of its cars sold to be autonomous.