Volvo Cars shares rise 6%, hit November sales high | Wilnesh News

Sweden’s Volvo Cars climbed to its highest level since November on Thursday after the automaker reported record monthly sales in March and strong growth in electric vehicles in Europe.

The London stock market rose 6.2% at 12:20 noon, hitting its highest level since November 16, according to data from the London Stock Exchange.

The company is controlled by Chinese automobile group Geely. Sell Car sales last month were 78,970 units, an increase of 25% compared with last year. Total sales in the first quarter increased 12% year-on-year to 182,687 vehicles.

Volvo Cars said its new all-electric EX30 model was driving growth and it would focus on boosting sales of the car in the coming months.

Sales of electric vehicles in Europe increased by 22% year-on-year this quarter and by 34% year-on-year in March, which is roughly in line with the overall sales growth in the market.

Although overall sales increased by 4%, sales of electric vehicles in China, the largest electric vehicle market, fell by 36%.

The performance of U.S. electric vehicles was mixed, with hybrids growing 44% but all-electric vehicle sales falling 65%. Overall sales grew 17%.

Björn Annwall, deputy chief executive of Volvo Cars, said in a statement: “These figures reflect the strength of our strategy and product diversity – offering the right mix of fully electric vehicles, plug-in Hybrids and mild hybrids.”

Sales of electric vehicles are being closely watched by the industry amid debate over whether ambitious forecasts for the next generation of cars are exaggerated.

2021, Volvo Cars declare It plans to become an “all-electric vehicle company” by 2030, phasing out all non-electric models and hybrid vehicles. Last month, the company said it would dilute its stake in electric car maker Polestar and “focus resources on the next phase of its transformation.”

A string of automakers, including Ford Motor Co, Mercedes-Benz and Volkswagen, scaled back their electric vehicle strategies last year as consumers grew skeptical of all-electric models.