OSLO – Boy, isn’t it a red-letter day for Sweden’s Volvo Cars! They’ve put a feather in their cap this fine Thursday, announcing a rip-roaring 21% spike in car sales this past July. With a whopping 54,165 vehicles flying off the shelves, they’ve set a hot streak with their 11th month in a row of year-on-year growth.
In the catbird seat through the first seven months of 2023, Volvo (ST:VOLVb) has managed to pedal to the metal, selling a hefty 395,856 cars worldwide. That’s a solid 18% jump when you stack it up against the same stretch of time in 2022. And what’s lighting this fire, you ask? Turns out, folks are clamoring for their fully-electric or plug-in-hybrid models like kids in a candy store.
Now, here’s a fun fact: Volvo, which is the apple of China’s Geely’s (OTC:GELYY) eye, sold 64,764 electric beauties in 2023 alone. That’s a pretty penny, considering they only moved 23,803 this time last year.
Meanwhile, Volvo shares were on a slow but steady climb, up 0.4% at 0714 GMT, not minding the 0.5% dip in Stockholm’s benchmark index. Ain’t that something?