Volvo Cars reported a 10% drop in sales for March, with 70,737 vehicles sold, as demand for fully electric cars continued to decline. The Swedish automaker, majority-owned by China’s Geely, revealed the disappointing figures in a statement on Wednesday, causing its shares to fall.
The company’s sales in Europe dropped by 9%, while the United States and China saw declines of 8% and 22%, respectively. Sales of fully electric vehicles fell by 26%, making up just 19% of Volvo’s total sales for the month. Overall, sales of electrified vehicles, including plug-in hybrids, were down 9%, representing 43% of total sales.
In a move to stabilize the company, Volvo announced on last Sunday that it had reinstated former CEO Hakan Samuelsson to lead the company for the next two years, replacing Jim Rowan, who had served as CEO since 2022. This leadership change comes amid growing pressures from rising tariffs.
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