© Reuters. FILE PHOTO: Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco
STOCKHOLM (Reuters) -Volvo Cars’ sales increased 10% to 53,402 cars in January from a year earlier, helped by a 40% jump for fully electric models in Europe, the Sweden-based group said on Monday.
Volvo (OTC:) Cars, which is majority-owned by China’s Geely Holding, said in a statement sales of fully electric cars were in all up 17%, to account for 17% of total sales. In China and the United States, they were down.
All recharge models, also including those not fully electric, shrank 3% in total.
Shares in the company were down 1% in early trade.
Sales in Europe, the group’s biggest market, were up 8% in total while in the United States they were unchanged. In China, they were up 36%.
This story originally appeared on Investing
