OSLO (Reuters) – Sweden-based carmaker Volvo said on Tuesday that car sales fell 3% year-on-year in December to 73,804 cars as sales of hybrid cars fell.
The number of electric cars, including fully electric cars and hybrids, rose by 20% year-on-year in December, while so-called mild hybrid cars with only internal combustion engines fell by 16%, the company said in a statement.
Volvo Cars, which is majority-owned by China's Geely Holding Company, said in a statement that 2024 sales rose by 8% compared to 2023 to a total of 763,389 cars, supported by a 54% rise in the number of fully electric models.
The company said that sales of fully electric Volvo cars represented 23% of the total Volvo cars sold globally during 2024, compared to 16% in 2023.
The company's shares rose 1.8 percent by 0819 GMT, outpacing the Stockholm benchmark index's 0.9 percent rise.
