On the Dash:
- Volvo’s global sales fell 10% in November, continuing an 8% year-to-date decline.
- Electrified vehicles, including fully electric and plug-in hybrids, now account for half of Volvo’s total sales.
- U.S. demand remains weak due to the end of federal EV tax credits, despite strong performance in China’s electrified segment.
Volvo Cars reported a 10% decline in global sales for November, continuing a year-long decline amid structural and market challenges. The Swedish automaker, majority-owned by China’s Geely Holding Group, sold 60,244 vehicles last month, compared with 66,977 in November 2024, the company said Wednesday.
Despite the overall decline, electrified vehicles are driving growth within the portfolio. Notably, fully electric models accounted for 24% of November sales, while plug-in hybrids made up 26%, together representing the automaker’s monthly volume. Additionally, the XC60 SUV was Volvo’s top-selling model this month.
According to Chief Commercial Officer Erik Severinson, the company is encouraged by growth in fully electric cars and by accelerated deliveries of the XC70 long-range plug-in hybrid in China. Meanwhile, sales in the United States remain subdued following the phase-out of federal tax credits. According to the company, though Volvo did not provide a detailed regional breakdown.
Volvo is targeting a long-term operating profit margin above 8% as part of a recent strategy overhaul, aimed at strengthening competitiveness in the global automotive market.
However, the company continues ot invest in electrification, positioning itself to capture growth in the quickly changing EV market.
