Chinese New Year slows Volvo Cars’ sales growth in January By Reuters




© Reuters. FILE PHOTO: An employee at a Volvo car dealer, wearing a protective mask is seen in a showroom, in Brussels, Belgium, May 28, 2020. REUTERS/Yves Herman

STOCKHOLM (Reuters) -Sweden-based Volvo Car AB said on Friday its sales increased by 2% year-on-year in January to 48,520 cars, but tumbled in China due to public holidays.

Volvo Cars, which is majority-owned by China’s Geely Holding, said the increase at group level was led by markets such as Britain, Italy and Belgium while in China sales fell 20% due to the timing of the Chinese New Year.

Its shares fell 3% on the news in early trade.

In 2022, the Chinese New Year fell in February.

It said fully electric vehicles accounted for 16% of total sales. Recharge models, also including those not fully electric, accounted for 41%.

In December, the car sales growth stood at 13%. In 2022, sales were down 12% for the full year.


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