STOCKHOLM (Reuters) -Sweden-based Volvo Cars reported on Wednesday a fourth straight month of falling sales volumes, pressured by trade tariffs and weaker electric vehicle demand. Volvo Cars, which is majority-owned by China’s Geely, said in a statement it sold 62,858 cars in June, a 12% drop from a year earlier. The group, which in April […]
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Volvo Cars sales fall 12% in June, fully electric tumble 26%
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STOCKHOLM (Reuters) -Sweden-based Volvo Cars reported on Wednesday a fourth straight month of falling sales volumes, pressured by trade tariffs and weaker electric vehicle demand.
Volvo Cars, which is majority-owned by China’s Geely, said in a statement it sold 62,858 cars in June, a 12% drop from a year earlier.
The group, which in April withdrew its earnings forecast for the next two years in the face of tariffs, said sales of fully electric cars fell 26% to account for 22% of total sales volumes.
Sales of electrified cars as a whole, also including plug-in hybrids, were down 19% to account for 44% of total sales volumes.
Volvo Cars said in May it would cut 3,000 mostly white-collar jobs as it struggles with cost increases, a slowdown in electric vehicle demand and global trade uncertainty.
Its sales volumes in Europe were down 14% while in the U.S. and China they were down 7% and 3%, respectively.
Shares in the company were up 1% in early trade, taking a year-to-date fall to 27%.
Volvo Cars did not comment on the sales figures in the statement.
(Reporting by Jagoda Darlak, editing by Anna Ringstrom and Louise Heavens)