COPENHAGEN (Reuters) -Volvo Cars sold 59,822 cars in May, down 12% from a year earlier, the Sweden-based company said on Wednesday. Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales of fully electric cars fell 27% to account for 21% of total sales volumes. Sales of electrified cars as a whole, […]
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Volvo Cars sales fall 12% in May
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COPENHAGEN (Reuters) -Volvo Cars sold 59,822 cars in May, down 12% from a year earlier, the Sweden-based company said on Wednesday.
Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales of fully electric cars fell 27% to account for 21% of total sales volumes.
Sales of electrified cars as a whole, also including plug-in hybrids, were down 20% to account for 44% of total sales. The company did not provide detail on regional sales.
Volvo Cars, under pressure from U.S. President Donald Trump’s new tariffs, said last month it would cut 3,000 mostly white-collar jobs as it grapples with high costs, a slowdown in electric vehicle demand and trade uncertainty.
Shares in the company, which in April withdrew its earnings forecast for the next two years in the face of tariffs, were up 0.5% at 0710 GMT.
(Reporting by Louise Rasmussen, editing by Stine Jacobsen)