Volvo SUVs Steer Growth for Swedish Brand, Records 14.2 Percent Sales Growth in July Globally

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Swedish luxury automaker Volvo Cars has announced that it witnessed a strong 14.2 percent growth in car sales at 62,291 units in the month of July compared to last year following positive growth in Europe, US, and China. Car sales in many countries, including in Europe, returned in July following a relaxation of the Coronavirus lockdown due to Covid-19 crisis, which according to Volvo, has helped it maintain a positive trend in car sales.

According to Volvo, there has also been a double-digit growth during July which was driven by continued strong demand for its SUV range cars. The V60 estate and the US-built S60 sedan contributed to a strong performance, as per the company. Volvo said, that in July, the XC40 compact SUV was the top-selling model, followed by the XC60 mid-size SUV and the XC90 large SUV. The company claimed that in the same month its SUVs accounted for 72.8 percent of the company's total sales, a rise from 63.4 percent in the same month in 2019.

However, in the first seven months, Volvo sold 332,253 cars, a decline of 16 percent compared with the same period last year. Consequently, overall sales declined by 24.1 percent year-on-year. In the European market, the company claimed that it sold 28,700 cars in July, up 12.5 percent compared to the same month last year.

Volvo car sales in US in July continued to grow year-on-year during the month and reached 9,697 cars, up 10.3 per cent compared with the same month last year. In the first seven months, US sales declined by 10.1 per cent to 52,952 cars, compared with the same period last year, per the company statement. In China, car sales reached 14,410 cars, up 14.0 per cent compared with July last year. In the first seven months of the year, sales declined by 0.3 per cent, compared with the same period in 2019.

Volvo said that its Recharge line-up of chargeable models, with a fully electric or plug-in hybrid powertrain, continued to be popular among customers. The share of Recharge models more than doubled in the first seven months, compared with the same period last year.