Volvo Cars global reported its sales up by 11.8 percent in October, according to a statement on Friday.

Volvo Cars is headed for its fifth consecutive year of record retail sales after posting an 11.8-percent sales growth in October, compared with the same month last year.

The strong performance was led by growth in all key regions of the U.S., China and Europe. The company sold 53,509 cars during the month.

In the first 10 months of 2018, Volvo Cars sold 526,062 cars, a growth of 14 percent compared to the same period last year. This puts the company firmly on course to end 2018 setting a new global sales record. In 2017, the company sold 571,577 cars.

During the month of October, U.S. sales grew 4.6 percent, as demand for Volvo's award winning SUVs led by the XC60, remained strong. Volvo sold a total of 7,327 cars during the month, compared with 7,008 cars sold in the same month last year.

China reported a 3.2-percent growth in October with retail sales reaching 11,083 cars, with the locally assembled XC60 and S90 models as main growth drivers.

In Europe Volvo Cars sold 26,892 cars in October, up 12.2 percent, as compared to the same month last year, following continued high demand for the XC60 and XC40 models.

Volvo Cars, acquired by Chinese automaker Geely in 2010, employs 38,000 people globally. 

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