Volvo reports 21% sales growth in July

Volvo Cars sold 54,165 vehicles in July, a 21 percent increase compared with the same month last year, the company said on Thursday, reported Xinhua.

Much of the increase was due to the sales of fully electric models, which in July increased by 248 percent year-on-year to 5,504, Volvo Cars said in a press release.

In Europe, Volvo Cars sold 20,286 cars in July, up 28 percent year-on-year. In the United States, 10,785 cars were sold -- a 57 percent increase from a year earlier. While in China, sales shrunk by 8 percent to 14,182 vehicles.

Worldwide sales during the first seven months of the year increased by 18 percent to 395,856 cars. A total of 64,764 of these were fully electric, a 172 percent increase compared with the same period last year.

Volvo Cars, acquired by Chinese automaker Geely in 2010, employed approximately 43,200 full-time employees globally in 2022.

Headquartered in the Swedish city of Gothenburg, Volvo Cars has main car production plants in Gothenburg, Ghent (Belgium), South Carolina (the United States), and Chengdu, Daqing and Taizhou (China). The company also has research and development and design centers in Gothenburg, Camarillo (the United States) and Shanghai (China).

The company said in 2021 that it aimed to phase out models with combustion engines, including plug-in hybrids, and solely produce fully electric cars by 2030.