Volvo Cars Registers ~25% Decline In April Sales

• Swedish automaker Volvo Car Group has reported a 24.8% decline in April sales.
• The company attributed the steep fall to lockdowns in eastern China due to a rise in COVID-19 cases and the persisting global supply chain challenges.
• Electrified Recharge models grew 18.7% Y/Y, constituting 38.4% of total sales. Fully electric cars share was 10% in the month.
• Car sales in the U.S. decreased 9.2% Y/Y. Sales in Europe fell 23.2%. China sales declined 47.8%.
• Volvo Cars' top-selling car for the month was the XC60 with 14,952 units, followed by the XC40 at 13,876 units.
• For the January-April period, Volvo Cars’ sales reached 195,445 cars, down 21.3% from last year.
• Volvo Cars is owned by Zhejiang Geely Holding (Geely Holding) of China.
• Volvo Cars formed part of the Swedish Volvo AB (OTC:VLVLY) until 1999 when the company was bought by Ford Motor Co (NYSE:F). In 2010, Volvo Cars was acquired by Geely Holding.
• Photo Via Wikimedia Commons