Volvo

Volvo Cars reports first quarter global sales

Volvo Cars sold 131,889 cars in the first quarter of 2020, down 18.2 per cent compared with the same period last year. The company’s global sales performance was affected by the continued impact of the Coronavirus pandemic.

In March, Volvo Cars global sales reached 46,395 cars, down 31.2 per cent compared with the same period last year, led by weakening demand in Europe and the US. China meanwhile is showing signs of recovery, as showroom traffic continues to improve.

During the January to March quarter, the XC60 was the top selling model for the company, followed by the XC40 and the XC90. SUVs accounted for 67.9 per cent of the company’s total sales in the period, up from 60.3 per cent in the first quarter last year.

Volvo Cars’ Recharge line-up of chargeable Volvo models maintained a strong sales momentum in the first quarter, comprising of 14.7 per cent of all cars sold in the period. The comparable share at the end of the same period last year stood at 7.4 per cent. Recharge is the overarching brand name for all chargeable Volvo models with a fully electric or plug-in hybrid powertrain.

China sales during the quarter reached 20,780 cars, down 30.5 per cent as compared with the same period last year, primarily due to the lower sales performance in January and February. In March, showroom traffic in the region started to pick up pace. Earlier this month Volvo Cars also reopened its four manufacturing plants in China after an extended closure period due to the spread of the Coronavirus.

US sales in the January to March period stood at 19,485 cars, down 11.7 per cent, compared with the same period last year. A majority of States in the country have now implemented stay-at-home orders which have led to a significant drop in showroom traffic in March that affected the first quarter volumes.

Volvo Cars’ sales in Europe reached 70,510 cars in the first three months of the year, down 18.5 per cent as compared with the same period last year. The sales performance was significantly impacted in March due to restriced movement in several key markets including Germany, the UK, France, Italy and Belgium among others.

During the first three months, the XC60 was the company’s top selling model with total sales of 36,930 cars (2019: 46,259 cars), followed by the XC40 with 34,268 cars (2019: 28,903 cars) and the XC90 with 18,327 cars (2019: 22,073 cars).

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