Volvo Cars’ sales up 7% in October on “robust” underlying EV demand

STOCKHOLM, Nov 2 (Reuters) – Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars.

“Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars,” it said in a statement.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 15% of sales. Recharge models including those not fully electric accounted for 37%.

The group last week reported a drop in quarterly operating profit as higher costs bite and predicted slightly lower wholesale volumes in 2022 than last year.

Its shares were down 1.4% in Stockholm at 0920 GMT.

Reporting by Anna Ringstrom