COPENHAGEN (Reuters) -Volvo Cars’ sales rose by 1% year-on-year in September to 62,458 cars, the Sweden-based automaker said on Wednesday amid a volatile and uncertain market.
Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that total sales in Europe, the biggest market for Volvo Cars, were up 23%, while sales in the United States and China fell by 22% and 16%, respectively.
“The overall market picture remains volatile and uncertain, but we are encouraged by a solid performance in Europe, especially for our electrified car portfolio,” deputy CEO and Chief Commercial Officer Bjorn Annwall said in the statement.
Sales of fully electric and plug-in hybrid models were up 43% and accounted for 48% of all cars sold during September, while the share of fully electric cars alone accounted for around a quarter of cars sold during the month.
Shares in the company fell 2.4% by 0731 GMT, underperforming Stockholm’s benchmark stock market index, which traded up 0.2%.
The company last month abandoned its EV-only target by 2030 and slashed its margin and revenue ambitions, citing the impact of tariffs and a decrease in demand for electric vehicles.
(Reporting by Stine Jacobsen, editing by Terje Solsvik)