Volvo Cars reports over 40 percent Q1 sales growth driven mainly by China

0 Comment(s)Print E-mail Xinhua, April 8, 2021
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STOCKHOLM, April 7 (Xinhua) -- Volvo Cars reported over 40 percent sales growth in the first quarter of 2021 mostly thanks to good performance in China market, which saw sales up by over 117 percent.

According to a press release from the company on Wednesday, Volvo Cars global sales during January to March amounted to 185,698 cars, an increase of 40.8 percent compared with the same period last year, and the company said this was its "best first quarter in its history."

Statistics show that sales in China reached 45,242 cars, which is an increase of 117.7 percent in the first three months of the year, compared with the first quarter the year before. The company said that with a continued strong demand for the locally produced S90, it "recovered and improved sales that were lost due to COVID-19 restrictions."

Elsewhere in the United States and Europe, the company said it managed to improve sales compared to the first quarter last year, while managing to cope with the ongoing effects of the pandemic.

In the January-March period, U.S. sales for the company reached 27,239 cars, an increase of 39.8 percent compared with the same period last year, which was affected by the pandemic as many states implemented stay-at-home orders.

The company's European sales grew to 87,457 cars, up 24 percent compared to the same period last year. The increase was mainly driven by markets that managed to cope with pandemic-related shutdowns, as well as a strong sales increase in Sweden and the United Kingdom.

For the first quarter of 2021, Volvo Cars said it more than tripled its numbers of subscriptions sold online through its Care by Volvo offer, compared to the same period last year. It also saw a quarter-on-quarter growth of 22 percent.

Volvo Cars, acquired by Chinese automaker Geely in 2010, employed approximately 40,000 full-time employees globally in 2020. Headquartered in the Swedish city of Gothenburg, Volvo Cars has main car production plants in Gothenburg, Ghent (Belgium), South Carolina (the U.S.), Chengdu and Daqing (China), while engines are manufactured in Skovde (Sweden) and Zhangjiakou (China) and body components in Olofstrom (Sweden). Enditem

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