Volvo Cars' Sales Dip 5% in January Due to Chinese New Year Timing
COPENHAGEN, Denmark - Volvo Cars reported a 5% year-over-year decline in sales for January, with 50,820 cars delivered. The decrease was primarily attributed to the timing of the Chinese New Year holiday.
Electrified Vehicles Drive Growth
Despite the overall sales decline, Volvo Cars' electrified vehicle sales grew by 17% compared to the same period last year. These vehicles, including fully electric and plug-in hybrid models, accounted for 44% of the automaker's total sales.
Stock Performance
Shares of Volvo Cars fell by 2.61% by 08:10 GMT, lagging behind the 0.6% decline in Stockholm's benchmark index.