Volvo Cars today reported sales of 44,664 cars in July, down 21.5 per cent compared with the same month last year. Demand for the company’s cars remains robust, especially for its Recharge range of pure electric and plug-in hybrid cars.
July sales continued to be affected by supply constraints being carried over from previous months due to Covid-related lockdowns in China. This particularly affected retail deliveries of Recharge cars during the month and is expected to continue to affect its retail sales into the current quarter.
Recharge cars accounted for 21.5 per cent of sales in July. The share of fully electric vehicles stood at 3.5 per cent. For the full year 2022, the target remains of having a double-digit share of fully electric cars.
As communicated recently, Volvo Cars continues to see a marked improvement in the stabilisation of its supply chain, with July confirming the positive trend in production as seen already in June. Provided this normalisation continues, the company expects production to progressively increase in the coming months.
On the back of this expected improvement, the company anticipates retail sales to be flat or slightly lower for the full year 2022, compared with volumes in 2021.
European sales for July reached 15,893, down 29.1 per cent compared with the same month last year. Sales of Recharge cars accounted for 39.9 per cent of the total sales in the region during the month.
Volvo Cars’ US sales for the month reached 8,686 cars, down 40.7 per cent compared with July last year, with Recharge models making up 14 per cent of the total sales.
China sales went up by 6.4 per cent in July to 15,487 cars compared to the same month last year.
Volvo Cars’ top selling model for the month was the XC60 with sales of 16,261 cars (2021: 19,132 units), followed by the XC40 at 10,640 cars (2021: 15,097) and the XC90 at 7,764 cars (2021: 9,694 units).
Volvo Cars in 2021 Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021 amounted to 282.0 BSEK, while global sales reached 698,700 cars.
About Volvo Car Group Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.
Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
As of December 2021, Volvo Cars employed approximately 41,000 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).